Zahrat Al Waha renews SAR 124 mln bank facilities with ANB

Zahrat Al Waha Trading Co. has renewed a SAR 124 million Shariah compliant bank facilities agreement with the Arab National Bank (ANB), the company said in a bourse statement.

The credit is intended to finance the purchase of raw materials to finance the company’s working capital and the purchase of machinery and equipment.

The credit term starts from April 29, 2019 until February 28, 2020 and the amount is covered by a promissory note, the statement added.

The funding limit of short-term funds and financing has been renewed to finance the working capital by SAR 70 million facilities for purchasing machinery and equipment has been renewed and reduced from SAR 74.13 million to SAR 54.45 million.

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.