Riyadh – Mubasher: Abdullah Saad Abo Moati for Bookstores on Thursday announced the renewal of an Islamic banking facility with the National Commercial Bank (NCB) for SAR 40 million.

The renewal of the facilities was approved on June 28, Abo Moati said in a statement to the Saudi Stock Exchange (Tadawul), adding that the loan extends to 31 March 2019.

The purpose of the facilities is to finance working capital requirements, the company added, noting that it got the facilities on its own and that there were no relevant parties to the agreement.

Abo Moati’s stock rose 1.8% to SAR 11.38 by the end of trading on Thursday.