Enma AlRawabi secures SAR 170M credit facilities from ANB

26/02/2024 Argaam

Enma AlRawabi secures SAR 170M credit facilities from ANB

Logo of Enma AlRawabi Co.

Enma AlRawabi Co. secured on Feb. 25 SAR 170 million worth of Shariah-compliant facilities from Arab National Bank (ANB), the company said in a statement on Tadawul.

 

The five-year financing is entirely secured by a promissory note. The company also pledged its Hittin land in Riyadh.

 

Enma AlRawabi will use the facilities to finance purchasing buildings on the Hittin land, to terminate the lease contract between the company and Al-Motaqadimah Schools Co. (the lessee) by mutual consent.

 

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

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