Riyadh – Mubasher: Saudi Company for Hardware (SACO) announced signing an Islamic banking facilities agreement with the Saudi British Bank (SABB) worth SAR 330.9 million.

The credit facility duration is seven years, including a two-year grace period effective from 14 November 2019, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.

SACO revealed that the purpose of the credit facility is to finance working capital and capital expenditure requirement.

The guarantees provided for the credit facility include a promissory note with an equal value.