Riyadh – Mubasher: East Pipes Integrated Company for Industry has inked a Sharia-compliant facility agreement worth SAR 500 million with Arab National Bank (ANB).

The Saudi listed company obtained the loan on 7 June this year to finance its working capital, according to a recent bourse filing.

The 365-day agreement is secured by a promissory note with the total value of the loan.

It is worth noting that East Pipes Integrated and Saline Water Conversion Corporation (SWCC) penned a SAR 490 million deal last May.