Riyadh – Mubasher: Saudi Company for Hardware (SACO) said that it signed an Islamic banking facilities deal with Gulf International Bank (GIB) worth SAR 100 million, according to a statement to the Saudi Stock Exchange (Tadawul).

SACO aims through credit facility to finance working capital and capital expenditure requirements, while settling other loans received from banks.

The credit facility duration is five years, including one-year grace period as from 19 December, the Saudi company said.

The guarantees offered for the credit facility include a promissory note with the same value.