Alkhorayef Water increases Sharia-compliant facility with ANB by SAR 50 mln

Logo of Alkhorayef Water and Power Technologies

Alkhorayef Water and Power Technologies (AWPT) amended the Sharia-compliant facility agreement signed with Arab National Bank (ANB), according to a bourse filing.

On Jan. 6, both parties increased the financing facility by SAR 50 million from SAR 277.2 million to SAR 327.2 million.

The facility’s promissory note was also increased by SAR 50,000.

In December 2021, Alkhorayef renewed and amended the Sharia-compliant facility agreement worth SAR 277.2 million with ANB, Argaam reported.

The funding aimed to issue letters of guarantee and credit, secure facilities to finance new projects, as well as invoice and project expenditure financing.