Riyadh – Mubasher: Zahrat Al Waha Trading Company has renewed a sharia-compliant credit facility agreement worth SAR 63.476 million with Alinma Bank to open documentary letters of credit to buy raw materials, machinery, and equipment.

The loan term starts on 3 September 2020 and ends on 30 June 2021, according to a bourse filing on Sunday.

The deal is guaranteed by a promissory note submitted by Zahrat Al Waha with the total value of the facilities.

Moreover, the limit for opening short-term credits and facilities was extended to finance the working capital with the same value of SAR 60 million, while the limit of the facilities aimed to purchase machinery and equipment was renewed and lowered to SAR 3.476 million from SAR 7.396 million due to payments.