AlNaqool signs SAR 15 mln Islamic facilities agreement with SNB

28/07/2022 Argaam

Logo of Mohammed Hasan AlNaqool Sons Co.

Mohammed Hasan AlNaqool Sons Co. signed today, July 28, an agreement with Saudi National Bank (SNB) to obtain Sharia-compliant facilities worth SAR 15 million, the company said in a statement to Tadawul.

 

The company’s board also approved using the facilities to finance the purchase of equipment, to boost the plant’s production capacity and contribute to strengthening AlNaqool’s financial position and supporting its strategic objectives.

 

The loan, which is guaranteed by a promissory note, has a term of 66 months with a six-month grace period.

 

There are no related parties to the deal, the company added.

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