Zahrat Al Waha renews SAR 63.5 mln facility with Alinma Bank

Zahrat Al Waha for Trading Co. renewed a SAR 63.5 million credit facility with Alinma Bank in line with the Sharia regulations, the company said in a statement to Tadawul.

The credit term starts from Sept. 3, 2020 and ends June 30, 2021 and is guaranteed by an order note of 100% of total facilities.

The facility will be used for purchase of raw materials, machinery and equipment, the statement said, adding that no related parties are involved in the deal.

The funding limit of short-term facilities has been renewed to finance the working capital by SAR 60 million, while the limit for purchasing machinery and equipment has been renewed and reduced from SAR 7.4 million to SAR 3.5 million, it added.