Zahrat Al Waha renews credit facility worth SAR 148.8 mln with ANB

Logo of Zahrat Al Waha for Trading Co.

Zahrat Al Waha for Trading Co. announced renewing a Shariah-compliant credit facility agreement worth SAR 148.78 million with Arab National Bank (ANB) for one year, according to a bourse statement today, Aug. 11.

The duration of the facilities is from Aug. 11, 2022, to May 31, 2023. Order notes with the total value of the facilities have been provided as a guarantee, the firm said.

The facilities will be used to open letters of credit for the purchase of raw materials, machinery and equipment, Zahrat Al Waha said, noting that there are no related parties.

Short-term facilities were renewed and their limit was mainlined at SAR 110 million to finance working capital.

Long-term facilities to finance the purchase of machinery and equipment have been renewed at an amount of SAR 38.72 million.