Riyadh – Mubasher: Ataa Educational Company has extended its Sharia-compliant credit facilities agreement with Banque Saudi Fransi at a total value of SAR 150 million.

The Saudi listed company has obtained the one-year loan on 31 January, with a promissory note guarantee of SAR 150 million and a mortgage, according to a bourse filing on Monday.

Ataa Educational will direct SAR 97 million of the loan value to acquisitions and construction purposes and SAR 25 million to finance its working capital when needed.

As for the reaming value of the credit facility, SAR 18 million will be used for hedging and SAR 10 million will be allocated for letters of guarantee.

Earlier this month, Ataa Educational renewed a Sharia-compliant loan worth SAR 50 million with Saudi National Bank (SNB).