Riyadh – Mubasher: Herfy Food Services Co. on Thursday signed a credit facilities agreement (Islamic Murabaha) with Al Rajhi Bank at a value of SAR 110 million.

The six-year facilities are effective Thursday, 20 July until 19 July 2023, according to Herfy’s statement to the Saudi Stock Exchange (Tadawul).

Each payment that will be withdrawn from the agreement must repaid within six years from the receiving date with one year grace period.

Herfy aims to fund its expansions through the credit facilities, noting that the financing was through a ‎promissory note.