Atlas Elevators EGM approves using SAR 18M as deposit, Murabaha

Shareholders of Atlas Elevators General Trading and Contracting Co. approved delaying the use of remaining offering proceeds worth SAR 17.96 million related to the company’s expansion plan, during the extraordinary general meeting (EGM) held on Jan. 21, the company said in a statement to Tadawul. 

Funds will be used as an annual deposit or monthly/quarterly Murabaha, as per the board's decision, in a Saudi bank account at the current return rates. This is in order to finance the company's expansion, the statement said.