Middle East Specialized Cables Company announces the extension of credit facilities agreement (in compliance with Islamic Sharia) provided by Saudi Alawwal Bank, Al Rajhi Investment Bank, Arab National Bank, Banque Saudi Fransi and Riyad Bank.
Middle East Specialized Cables Company (MESC) is pleased to announce to its valued shareholders the extension of the current credit facility agreement (in compliance with Islamic Sharia) with Saudi Alawwal Bank, Al Rajhi Investment Bank, Arab National Bank, Banque Saudi Fransi and Riyad Bank to finance its working capital, which will have a positive impact to enhance the company’s performance during the coming period.
Date of obtaining the funding
2023-12-13 Corresponding to 1445-05-29
Financing entity
Saudi Alawwal Bank, Al Rajhi Investment Bank, Arab National Bank, Banque Saudi Fransi and Riyad Bank
Financing amount.
SR 171 million
Financing duration.
6 months
Guarantees offered for the financing
Promissory note and pledge of certain accounts and assets, in addition to the assignment of insurance proceeds and other.
Financing objective
Finance the working capital
Related Parties
There are no related parties involved in this agreement
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