Riyadh – Mubasher: The Middle East Specialised Cables Company (MESC) announced the signing of a financing agreement with the Saudi Industrial Development Fund (SIDF), the operating arm of the Saudi EXIM Bank.

Valued at SAR 50 million, the two-year loan will finance MESC’s working capital, according to a stock exchange statement on Tuesday.

The loan is guaranteed by promissory notes with the same facility amount, in addition to the extension of the existing mortgage on fixed assets related to the previous loan deal. The mortgage will be extended until the new facility expires.