Abo Moati, Riyad Bank renew SAR 40 mln Islamic facilities

04/07/2018 Argaam

Abdullah Saad Mohammed Abo Moati for Bookstores Co. has renewed SAR 39.5 million worth of Islamic facilities with Riyad Bank, the company said in a statement to Tadawul Wednesday.

 

The facilities, which extend until April 22,2021, will be used to finance the company’s working capital requirements and are guaranteed by a promissory note.

 

The agreement is a related party deal as the company's board member, Mohammed Al Otaibi, is also a member at Riyad Bank's board, the statement added.

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