Zahrat Al Waha renews SAR 145M credit facilities with ANB

Logo of Zahrat Al Waha for Trading Co.

Zahrat Al Waha for Trading Co. renewed a Sharia-compliant credit facilities agreement worth SAR 145 million with  Arab National Bank.

The facilities term extends from Nov. 20, 2024, to Oct. 31, 2025, the company said in a statement to Tadawul.

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The guarantees provided include a promissory note valued at SAR 110 million. There are no related parties, the statement noted.

According to the company, the short-term financing will go to opening letters of credit (LCs) to purchase raw materials worth SAR 110 million, while the long-term facilities worth SAR 35 million will be used in opening LCs and capital expansions.

In December 2023, the company renewed the credit facilities agreement with ANB, according to data available with Argaam.