National Building renews credit facility worth SAR 120 mln with Al Rajhi Bank

26/02/2023 Argaam

National Building renews credit facility worth SAR 120 mln with Al Rajhi Bank

Logo of National Building and Marketing Co.

National Building and Marketing Co. announced renewing a Shariah-compliant credit facility agreement worth SAR 120 million with Al Rajhi Bank.

 

In a statement to Tadawul today, Feb. 26, National Building said the financing will be used to bankroll working capital. The facilities term, which started on Aug. 31, 2022, will be valid for 12 months as of today.

 

The necessary signatures have been completed and a copy of the agreement has been received after the annual review of the facilities renewal. There are no related parties, the company said.

 

The facilities are guaranteed by the principal terms and conditions agreement for banking facilities, Bai Ajel agreement, corporate guarantee declaration, guarantee of fines, performance and commitment, and a waiver of projects agreement.

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