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SACO increases loan value from SABB to SAR 413m

SACO increases loan value from SABB to SAR 413m
SACO has raised the loan value by SAR 82.04 million
SACO
4008
-1.40% 70.30 -1.00
SABB
1060
-0.16% 30.75 -0.05

Riyadh – Mubasher: The Saudi Company for Hardware (SACO) has raised the value of the credit facilities obtained from the Saudi British Bank (SABB) to SAR 412.95 million.

Based on the contract signed between the two parties in 2019, SACO has raised the loan value by SAR 82.04 million from SAR 330.9 million, according to a bourse filing on Wednesday.

The guarantees in the form of a promissory note were also raised to SAR 412.95 million.

SACO aims to fund its expansion plan through the addition to SABB’s credit facilities.

The loan agreement reportedly has a duration of seven years as of 14 November 2019.