Sumou raises Riyad Bank credit facility limit to SAR 286 mln from SAR 50 mln

20/11/2022 Argaam
Logo ofSumou Real Estate Co.

Logo of Sumou Real Estate Co.

Sumou Real Estate Co. inked a Shariah-compliant bank facility agreement to increase the credit limit for an earlier agreement signed June 19, 2022, with Riyad Bank to SAR 286 million from SAR 50 million.

 

In a statement to Tadawul, Sumou said the duration of the financing extends to June 2025 and it aims to ensure letters of guarantee issue.

 

The facility is secured by a promissory note, equivalent to 100% of the total value, in favor of the bank.

 

There are no related parties to the deal, the statement noted.

 

On June 19, Sumou signed a Shariah-compliant credit facilities agreement with Riyad Bank at a value of SAR 50 million, Argaam earlier reported.

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