Zahrat Al Waha renews SAR 67.6 mln credit facility with SAIB

Logo of Zahrat Al Waha for Trading Co.

Zahrat Al Waha for Trading Co. renewed the Sharia-compliant credit facilities agreement with Saudi Investment Bank (SAIB), according to a bourse filing.

The facility term is valid from Nov. 2, 2021 until July 31, 2022, and is guaranteed by a promissory note, covering the entire value of the facility.

The financing will be used to purchase and import raw materials required for manufacturing activity, and machines and injection molds to finance capital expansions.

There are no related parties to the agreement, the statement added.

The limit for opening short-term letters of credit and facilities was renewed at the same value of SAR 60 million.

The limit for the facilities to purchase machinery and equipment was renewed and reduced from SAR 15.56 million to SAR 7.56 million as a result of payments.