Watani Steel renews, amends SAR 70.5M credit facility deal with Bank Albilad

07/12/2023 Argaam

Watani Steel renews, amends SAR 70.5M credit facility deal with Bank Albilad

Logo of Watani Iron Steel Co. (Watani Steel)

Watani Iron Steel Co. (Watani Steel) renewed and amended a Shariah-compliant credit facility agreement worth SAR 70.5 million with Bank Albilad, according to a Tadawul statement today, Dec. 7.

 

The financing duration is from Dec. 4, 2023, to Nov. 2, 2024. Order notes with the total value of the facilities have been provided as a guarantee, the company said.

 

The company updated its short-term credit facility, raising the limit by SAR 10.50 million to SAR 70.5 million. This year's profit rate is cut by 25 basis points from last year, keeping the promissory note issued exclusively in favor of the bank for the additional amount.

 

The financing is aimed at enhancing the company’s working capital. There are no related parties to the agreement, the statement added.

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