Zahrat Al Waha Trading announced the renewal of the Sharia-compliant credit facilities agreement with the Arab National Bank.
The company said in a statement to the Saudi market (Tadawul), today, Tuesday, that the value of the financing is estimated at 93 million Saudi riyals.
She explained that the funding period is from November 16, 2020 until February 28, 2020.
and she indicated that the guarantees presented against the financing are a bond for an order presented by the company with the total value of the facilities.
the company stated that the aim of the financing is to open documentary credits for the purchase of raw materials and the purchase of machinery and equipment.
and stated that the limit for opening credits and short-term facilities for financing working capital has been renewed at the same value of 70 million riyals, and the limit for machinery and equipment purchases has been renewed and reduced from 54.449 million riyals. To about 23 million riyals as a result of reimbursements.
