solutions inks credit facility deal worth SAR 1 bln with SNB

Logo of Arabian Internet and Communications Services Co.

Arabian Internet and Communications Services Co. (solutions) signed today, June 27, a Sharia-compliant credit facility agreement worth SAR 1 billion with Saudi National Bank (SNB), according to a statement to Tadawul.

The deal includes the renewal of a multi-purpose, short-term credit facility agreement of SAR 500 million for one year, as well as adding a medium-term financing limit of SAR 500 million for five years.

The financing is secured by a promissory note.

The short-term financing will be utilized for the issuance of letters of credit (LC)/ letters of guarantee (LG), and will be available as a working capital loan. Meanwhile, the medium-term facility will go for the acquisition of Giza Systems Co., which was earlier announced.

The deal does not have any related parties, the company said.