SVCP secures SAR30M credit facilities from SAIB

Logo of Saudi Vitrified Clay Pipe Co. (SVCP)

Saudi Vitrified Clay Pipe Co. (SVCP) signed, on Oct. 10, an agreement with The Saudi Investment Bank (SAIB) to secure SAR 30 million worth of Shariah-compliant credit facilities.

In a statement to Tadawul, the company explained that it obtained long-term financing of SAR 20 million for 72 months with a grace period of 12 months. Additionally, it secured a short-term facility (revolving loan on demand) worth SAR 10 million for six months.

The facilities were guaranteed by a promissory note, SVCP said, noting the loan is expected to fund the ongoing and future projects, issue bank guarantees and letters of credit, as well as finance working capital.

There are no related parties to the agreement.