Saudi Fisheries secures SAR 76 mln facilities from Al Rajhi Bank, NBB

Logo of Saudi Fisheries Co.

Saudi Fisheries Co. signed today, Aug. 8, an agreement with Al Rajhi Bank to obtain a SAR 40 million loan ‎for a period of four years, which will be utilized in ‎financing operating‎ activities.

The company, in a bourse filing, said the loan is guaranteed by a promissory note and time ‎deposit, noting there are no related parties.

Saudi Fisheries also signed today a short-term “Tawarruq” banking facility ‎agreement worth SAR 36 million with National ‎Bank of Bahrain (NBB).

The one-year facility will go for financing the company's ‎operating activities. It is guaranteed by a promissory note and time ‎deposit.

The company also noted that Mansour Abdulaziz ‎Alsaghayer is a related party.

The agreement is within the ‎normal course of business ‎and no preferential benefits ‎were granted, the statement said, adding the contract was ‎approved by the company's ‎board of directors.

The ‎agreement will be presented ‎at the next general assembly meeting for approval.‎