National Building renews credit facility worth SAR 45 mln with Riyad Bank

Logo of National Building and Marketing Co.

National Building and Marketing Co. announced renewing a Shariah-compliant credit facility agreement worth SAR 45 million with Riyad Bank for one year, according to a bourse statement.

The facility is secured with a promissory note and its duration was extended from 90 to 180 days.

Short-term facilities were renewed and their limit was mainlined at SAR 30 million to finance working capital.

The financing limit of SAR 5 million for salaries and treasury products was canceled.

The Tawarruq financing, secured by a promissory note, aims to fund the working capital, as well as boost the company’s business and diversify its sources of income, the statement said.

The firm earlier signed a Shariah-compliant banking facility agreement worth SAR 100 million with Riyad Bank, according to data compiled by Argaam.