Zahrat Al Waha for Trading Company has renewed a sharia-compliant credit facility with Alinma Bank worth SAR 67.4 million.
The agreement extends from 10 June until 30 June 2020, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.
The loan, secured against a promissory note, will be used to finance the purchase of raw material, equipment, and machinery.
The company noted that the funding limit of short-time facilities has been renewed to finance the working capital by SAR 60 million.
On the other hand, the limit for purchasing machinery and equipment has been renewed and reduced to SAR 7.4 million instead of SAR 10 million.