Aseer Trading, Tourism and Manufacturing Co. announces that Al Rabie Saudi Foods Company, a "Subsidiary to Aseer Co." has concluded an Islamic Financing Agreement with Samba Financial Group
Element List | Explanation |
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Introduction | Al Rabie Saudi Food Company Ltd., a subsidiary of Aseer Company for Trade, Tourism, Industry, Agriculture, Real Estate and Contracting Business, has completed the procedures for signing a financing facility agreement compatible with the provisions of Islamic Sharia with the Samba Financial Group. |
Date of obtaining the funding | 2021-02-01 Corresponding to 1442-06-19 |
Financing entity | Samba Financial Group |
Financing amount. | The total value of the financing facilities is SAR 342 Million, of which SAR 150 Million are a long term loan and SAR 192 Million for working capital financing. |
Financing duration. | - The duration of the long term loan is Five Years including Six Months grace period.
- The duration for the working capital is for one year/renewable on yearly basis |
Guarantees offered for the financing | Promissory Note for the total facility amount. |
Financing objective | The purpose of the facility is to restructure the bank facilities of the company by:
- SAR144 Million for early settlement of existing Loans with a local bank. - SAR 6 Million for Capital Expenditure as needed. - SAR192 Million to finance working capital for meeting the requirements of Company's operation. |
Related Parties | NONE |
Additional Information | AlRabie Saudi Foods Co., is limited liability company engaged in the manufacturing of dairy products, fruit drinks, juices, and canned food. The Company is owned 57.3% by Aseer Al Arabiah for Industrial Investment Co. that fully owned by Aseer Trading, Tourism, Industry, Agriculture, Real Estate and Contracting Company. |
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