Al Kathiri increases loan value from Riyad Bank to SAR 10.5 mln

27/06/2019 Argaam

 

Nomu-listed Al Kathiri Holding Co. has increased the value of sharia-compliant credit facilities, which were previously obtained from Riyad Bank, by SAR 3 million - SAR 4 million to a total of SAR 10.52 million.

 

The renewable facilities, valid until June 12, 2021, were secured against a promissory note, the company said in a statement to the Saudi bourse Tadawul on Thursday.

 

The loan will be used in financing the company’s working capital and fulfilling other business requirements.

 

No related parties are involved in the deal, the statement added.

 

In December 2018, the company inked an Islamic credit facility agreement worth SAR 6.523 million with Riyad Bank, Argaam reported.

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