Alkhorayef Water ups credit facilities with SAIB to SAR 200 mln

Logo of Alkhorayef Water and Power Technologies Co. (AWPT)

Alkhorayef Water and Power Technologies Co. (AWPT) raised the credit facilities signed with Saudi Investment Bank (SAIB) from SAR 100 million to SAR 200 million, it said in a statement to Tadawul.

The security provided against financing under a promissory note was increased by SAR 200 million, and the other conditions remain unchanged, for purchasing fixed assets.

The agreement will expire on July 31, 2023, the statement said, adding that the financial impact will appear as of the fourth quarter of 2022.

On Nov. 2, AWPT signed a SAR 100 million Shariah-compliant credit facilities agreement with SAIB, according to data available with Argaam.