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Dur, Riyad Bank ink SAR 50m Islamic loan

Dur, Riyad Bank ink SAR 50m Islamic loan
The facility is secured by a promissory note from Dur
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DUR
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15.19% 27.00 3.56

Riyadh – Mubasher: Dur Hospitality Co. on Wednesday announced signing an Islamic loan agreement (Tawarruq) with Riyad Bank for a one-year period ending 2 October 2018.

The loan worth SAR 50 million ($13.3 million) was signed late Tuesday, Dur said in a statement to the Saudi Stock Exchange (Tadawul).

Dur Hospitality seeks to use the loan to finance its expansion plans.

The facility is secured by a promissory note from Dur, according to the statement. 

In June, Dur signed a similar deal with Banque Saudi Fransi (BSF) for SAR 48 million ($12.88 million)

Dur Hospitality’s stock closed Tuesday down 0.69% to SAR 20.14.