MIS renews SAR 340.3M credit facility with SAB

22/07/2024 Argaam

MIS renews SAR 340.3M credit facility with SAB

Logo of Al Moammar Information Systems Co. (MIS)

Al Moammar Information Systems Co. (MIS) renewed and amended today, July 22, a Shariah-compliant credit facility with Saudi Awwal Bank (SAB) at a total of SAR 340.27 million.
The credit facility has a term of one year until July 16, 2025, MIS said in a statement to Tadawul, noting that the facility is secured by promissory notes equivalent to the loan value.
 

MIS aims to fund accounts payable for invoices and new project contracts, as well as issue letters of credit and guarantees.

 

There are no related parties to the contract, the statement added.

 

The financing was obtained on July 17, 2024, and the agreement was signed today.

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