Zahrat Al Waha Trading Co. has renewed a Shariah compliant bank facilities agreement with the Saudi Investment Bank (SAIB) raising the credit limit to SAR 60 million from SAR 40 million.
The credit is intended to finance the purchase of raw materials to finance the company’s working capital, the company said in a bourse statement.
The credit term starts from April 28, 2019 until March 31, 2020 and the amount is covered by a promissory note, the statement added.
No related parties are involved in the deal.
In March 2018, Zahrat Al Waha signed a SAR 40 million Shariah compliant bank facilities agreement with the Saudi Investment Bank (SAIB), Argaam reported earlier.
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