AlSamaani renews SAR 11 mln Islamic facilities with Al Rajhi Bank, SABB

18/07/2017 Argaam

AlSamaani Factory For Metal Industries Co. (AlSamaani) renewed on July 17 two sharia-compliant financing facility agreements worth SAR 11 million with Al Rajhi Bank and the Saudi British Bank (SABB), the company said in a statement to Tadawul on Tuesday.

 

A Rajhi bank’s facility is worth SAR 8 million and it extends until May 31, 2018, while SABB’s facility is worth SAR 3 million and extends till Aug. 31, 2018.

 

The loans will be used towards working capital needs and are guaranteed by promissory notes, the statement said, adding that there are no related parties.

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