Thimar, SABB ink SAR 50 mln credit deal

27/05/2015 Argaam

National Agricultural Marketing Co. (Thimar) said in a bourse statement on Wednesday that it has signed an agreement with Saudi British Bank (SABB) that will provide it with a Sharia-compliant credit facility worth SAR 50 million.

 

The deal was secured by a promissory note, and will become valid one year from the first withdrawal date. 

 

Repayments will be made over the next five years, and will allow for a one-year grace period. 

 

Thimar added that the credit will be used to finance its expansion plans.

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