Al Kathiri’s subsidiary signs SAR 18 mln Islamic facility with Riyad Bank

16/12/2019 Argaam

 

Al Kathiri Holding Co.’s subsidiary Alian Industry Company signed on Dec. 15 an Islamic facility agreement worth SAR 18 million with Riyad Bank, the company said in a bourse statement.

 

The 540-day credit facility is secured by a promissory note at 100% of the total value of this facility. The company also waived  the Saudi Industrial Development Fund's (SIDF) loan, announced on Oct. 2, 2019. 

 

The credit facility aims to complete establishing a construction technology factory in Sudair City. The new project is expected to commence production in Q3 2020, the statement added.

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