Ladun Investment signs SAR 573M facility with Al Rajhi Bank

16/04/2024 Argaam
Logo ofLadun Investment Co.

Logo of Ladun Investment Co.

Ladun Investment Co.’s board of directors approved signing a Shariah-compliant credit facilities agreement worth SAR 573 million with Al Rajhi Bank to finance the company and its subsidiary, Built Industrial.

 

The funding was obtained on April 15, 2024, Ladun said in a statement to Tadawul, noting that the financing duration ranges from one to 10 years.

 

The facility will be guaranteed by waiving revenue from some financed projects, the rental revenue of the Riyadh Tower building, mortgages, a guarantee from the group's subsidiaries, a corporate guarantee from the major shareholder, and a promissory note.

 

Ladun will use the funding to finance its working capital, the purchase of Al-Rabwa land plot, and the building of Ladun Tower on King Fahd Road.

 

As for Built Industrial, the deal comprised issuing final guarantees, in addition to an advance payment for five projects with government agencies at a total value of nearly SAR 1.5 billion.

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