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Al Kathiri Holding gets Riyad Bank’s approval to renew Islamic facility deal

Al Kathiri Holding gets Riyad Bank’s approval to renew Islamic facility deal
The credit facility amounted to SAR 4 million after the addition of SAR 1 million
ALKATHIRI
9508
0.10% 49.00 0.05
RIBL
1010
-0.89% 27.70 -0.25

Riyadh – Mubasher: Al Kathiri Holding Company has obtained Riyad Bank’s approval to renew and increase a sharia-compliant credit facility agreement.

The credit facility amounted to SAR 4 million after the addition of SAR 1 million to the facilities value, according to a filing to the Saudi Stock Exchange (Tadawul) on Thursday.

The loan will be used to finance the company’s working capital and to meet other business requirements.

The credit facility period extends to 16 June 2021, and it could be extended for a further period.

“The facility is secured by a promissory note (equivalent to facility value) in favour of the bank,” Al Kathiri said.