Watani Steel renews, amends SAR 60 mln credit facility agreement with Bank Albilad

Logo of Watani Iron Steel Co. (Watani Steel)

Watani Iron Steel Co. (Watani Steel) announced the renewal and amendment of a SAR 60 million Shariah-compliant credit facility agreement with Bank Albilad to finance working capital.

The funding was obtained on Sept. 7, 2022, and will continue until Sept. 1, 2023, the company said in a bourse statement.

The facility agreement is covered by a promissory note for the same amount in favor of the bank.

No related parties are included in the deal.

The short-term credit facility agreement was renewed to finance working capital with the same value of SAR 60 million, with a reduction in the profit rate for the current year compared to the previous year, Watani Steel noted.

Meanwhile, it maintained a promissory note with the value of the facilities in favor of the bank only, and the signatures were completed by Sept. 15, 2022.