Banan, subsidiary ink 2 credit facility deals with Riyad Bank

19/08/2024 Argaam
Logo ofBanan Real Estate Co.

Logo of Banan Real Estate Co.

Banan Real Estate Co. and its subsidiary Al-Aziza Real Estate Investment and Development Co. signed two Shariah-compliant credit facility deals worth SAR 100 million (SAR 50 million each) with Riyad Bank.

 

In two separate statements to Tadawul today, Aug. 19, the company clarified that the term of the two agreements is five years, noting that a promissory note was offered in guarantee for the facility, in addition to the continued mortgage of some previously mortgaged properties.

 

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Banan also indicated that the two credit facilities are aimed to fund its business expansion, noting that there are no related parties to the deals.

 

The credit facility documents are dated Aug. 6, and the signing of the agreements was completed today.

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