Herfy inks SAR 100 mln credit deal with Al-Rajhi

Herfy Food Services Company signed on Wednesday a SAR 100 million credit facilities agreement with Al-Rajhi Bank.

The finance period is four years starting from May 6, the company said in a filing to Tadawul.

Herfy said it will use the amount to finance its future expansions.

The facilities are covered by a promissory note, and each withdrawal will be repaid over four years.

The deal is a related party transaction that should be revised and approved by Herfy’s general assembly, the company added.