Zahrat Al Waha renews SAR 82.2 mln credit facility with Arab National Bank

08/07/2021 Argaam

Logo of Zahrat Al Waha for Trading Co.

Zahrat Al Waha for Trading Co. announced today, July 8, the renewal of Sharia-compliant credit facilities agreement with Arab National Bank.

 

The facility duration starts today until to May 31, 2022 and is guaranteed by a promissory note, covering the entire value of the facility.

 

The loan will be used for opening letters of credit (LCs) for the purchase of raw materials, machinery and equipment.

 

The limit for opening short-term credits and facilities was renewed to finance working capital with the same value of SAR 70 million.

 

The limit for the facilities to purchase machinery and equipment has been renewed, but reduced from SAR 22.99 million to SAR 12.18 million due to payments.

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