Tanmiah unit obtains SAR 650M credit facility from SNB

03:57 PM (Mecca time) Argaam
Logo ofTanmiah Food Co.

Logo of Tanmiah Food Co.

Tanmiah Food Co.’s unit, Agricultural Development Co. Ltd (ADC), has secured a long-term and revolving Shariah-compliant facility at SAR 650 million from the Saudi National Bank (SNB), according to a statement to Tadawul.
 
The facility, which will be guaranteed by a corporate guarantee as well as a promissory note, will be used to support the ongoing strategic expansion plans and fulfill the working capital requirements, the statement added.
 
 
The loan tenor will extend for seven years from 1st drawdown, and the deal included no related parties.

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