Riyadh – Mubasher: Saudi Company for Hardware (SACO) on Wednesday announced signing a Shariah-compliant banking facilities agreement with Arab National Bank (ANB)  worth SAR 100 million.

Through the facility signed on Tuesday, SACO aims to finance its working capital and expansion plans, it said in a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

It added that the loan will extend to 30 April 2017.

Earlier in January, SACO announced its preliminary three-year expansion plan that includes the opening of new showrooms in varies Saudi cities where the company has no branches as well as increasing the number of its branches in the main cities from 25 branches by the end of 2015 to 35 by the end of 2018.