Amlak renews SAR 865M credit facilities with SAIB

21/04/2024 Argaam

Amlak renews SAR 865M credit facilities with SAIB

Logo of Amlak International Finance Co.

Amlak International Finance Co. renewed today, April 21, a SAR 864.5 million Shariah-compliant credit facilities agreement with The Saudi Investment Bank (SAIB).

 

The one-year funding is guaranteed by a waiver of receivables to the bank and a promissory note in its favor, according to a statement to Tadawul.

 

The amount is planned to be used to facilitate the company's business and increase its financing ability, the statement added.

 

Amlak clarified that some board members have an indirect interest in the deal, as board member Majed Fakeeh is the General Manager of Corporate Banking at SAIB and board member Khaled Al-Rayes is the CEO of Alistithmar Capital, which is 100% owned by SAIB.

 

The company, however, confirmed that no preferential treatment was given under this agreement and that it was concluded within the usual business activity.

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