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Ladun Investment Co. announced receiving, on July 21, financing worth SAR 100 million from Bank Albilad, according to a bourse statement.

 

The loan includes a forward sale credit limit worth SAR 50 million and a letter of guarantee limit of SAR 50 million.

 

Its forward sale credit limit is valid for one year, with a maximum of 36 months for the letter of guarantee limit.

 

The financing is guaranteed by Ishar Investment Co. and assignment of project proceeds to Bank Albilad.

 

The forward sale credit limit aims to finance operations, while the letter of guarantee is to bid for either government or private projects.

 

Ishar Investment is a related party for being a major shareholder of Ladun.

 

The deal allows Ladun's subsidiaries to utilize the approved limits with a prior consent from the bank.

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