Takween Advanced Industries announced that it has received a Murabaha financing of 150 million Saudi riyals ($ 40 million), with a one-year financing period.

The company said in a statement to the stock exchange that it had signed a financing agreement with the International Islamic Corporation for Trade Finance within the initiative to promote export financing led by the Saudi Export Development Authority for the purpose of financing the purchase of raw materials .

Takween explained that payment will be made up to 6 months after each withdrawal.

The company succeeded in reducing its losses for the past year by about 76%, recording losses of 39.7 million riyals, compared to losses of about 168.2 million riyals in 2017.

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