Farm Superstores, SABB ink SAR 68 mln credit deal

16/06/2015 Argaam

The Saudi Marketing Company (SAMCO), also known as Farm Superstores, has signed on Monday a bank facilities agreement worth SAR 68 million with Saudi British Bank (SABB).

 

The financing period started on May 3, and will last until August 31, 2016, the company said in a filing to Saudi Arabia’s bourse.

 

The facilities are covered by a promissory note and will be used to finance working capital requirements, the company added.

 

Last March, Farm Superstores secured a SAR 65 million Islamic loan, or Murabaha, from Saudi Investment Bank (SAIB). SAMCO said at the time that the loan was intended to finance its retail activities, according to data compiled by Argaam.

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