Watani Steel amends, renews SAR 25 mln credit facility with Alinma Bank

18/10/2021 Argaam

Logo of Watani Iron Steel Co.

Watani Iron Steel Co. inked on Sep. 27, a Shariah-compliant loan facility renewal agreement with Alinma Bank, valued at SAR 25 million, according to a bourse filing.

 

The credit facility tenor will extend from Sep. 27, 2021, until August 31, 2022.

 

The facility agreement is guaranteed by a promissory note and will be used to finance the working capital needs.

 

The short-term credit facility agreement was renewed to finance working capital with the same value of SAR 25 million, while cutting the profit rate for the current year compared to the previous year.

 

All guarantees for major shareholders were removed, while a promissory note with the value of the facilities in favor of the bank was maintained.

 

The deal included no related parties.

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