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Sumou Real Estate pens SAR 64m loan with Banque Saudi Fransi

Sumou Real Estate pens SAR 64m loan with Banque Saudi Fransi
The four-year loan will finance the Khaiala residential project (Dar Sumou).
BSFR
1050
0.16% 31.95 0.05
SUMOU
9511
5.17% 71.20 3.50

Riyadh – Mubasher: Sumou Real Estate Company on 25 October signed a sharia-compliant credit facility agreement with Banque Saudi Fransi (BSF) for SAR 64 million.

The four-year loan will finance the Khaiala residential project (Dar Sumou) with the National Housing Company (NHC), according to a bourse filing on Monday.

The credit facilities are divided into a performance security letter worth SAR 32 million, an advance payment guarantee letter of SAR 22 million, and credit facilities for selling and buying commodities (Tawarruq) worth SAR 10 million.

Moreover, the loan is guaranteed by a promissory note for the full value in favour of Banque Saudi Fransi, in addition to a mortgage for a real estate property owned by the company’s chairman.