Tawasul
Mubasher TV
Contact Us Advertising   العربية

MIS obtains SAR 332.5m loan from Banque Saudi Fransi

MIS obtains SAR 332.5m loan from Banque Saudi Fransi
The loan is valid until June 2022
BSFR
1050
-0.94% 37.00 -0.35
MIS
7200
0.63% 160.00 1.00

Riyadh – Mubasher: Al Moammar Information Systems Company (MIS) has renewed a Sharia-compliant banking facility agreement with Banque Saudi Fransi on Sunday, according to a bourse filing to Tadawul.

MIS will receive a loan worth SAR 332.45 million that is valid until 30 June 2022.

The company will be issuing a promissory note as a guarantee in favour of the bank.

MIS aims to use the credit facility in funding project contracts and issuing letters of initial, final, and submitted guarantees.

Last week, the two entities signed a binding memorandum of understanding (MoU) to establish a private investment fund at a potential long-term size of up to SAR 3.5 billion.