MESC inks SAR 140M credit facility deal with Riyad Bank

23/04/2025 Argaam
Logo ofMiddle East Specialized Cables Co. (MESC)

Logo of Middle East Specialized Cables Co. (MESC)

Middle East Specialized Cables Co. (MESC) signed today, April 23, a Shariah-compliant credit facility agreement worth SAR 140 million with Riyad Bank.

 

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In a statement to Tadawul, the company said that the financing period is three years, and the funds will be used to finance working capital and the issuing of various bank guarantees, including performance bank guarantees (PBG) and advance payment guarantee (APG).

 

The amount is covered by a promissory note valued at SAR 148 million and assignment of insurance proceeds, the statement added.

 

The agreement is dated Feb. 3, 2025, however, it became effective as of April 23, 2025, MESC also noted, adding that no related parties are involved.

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