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Al Moammar inks SAR 45m credit facility deal

Al Moammar inks SAR 45m credit facility deal
The funding has a one-year term
MIS
7200
7.15% 146.80 9.80

Riyadh – Mubasher: Al Moammar Information Systems Co announced signing a credit facility agreement worth SAR 45 million with Cisco Systems Finance International.

The facility will be used to finance the requirements of one of the existing projects that Cisco International Limited is one its suppliers, the company said in a filing to the Saudi Stock Exchange (Tadawul) on Sunday.

The funding has a one-year term starting from the date of the first payment and is secured by a promissory note at 100% of the total value of the facility.  

It is noteworthy that in December 2019, the Saudi firm announced renewing and amending a credit facility agreement worth SAR 110 million, in compliance with Shariah Law, with the Arab National Bank (ANB).

For the full-year 2019, the company’s net profits after Zakat and taxes rose to SAR 75.97 million from SAR 64.51 million in 2018.