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solutions secures SAR 1bn loan from SNB

solutions secures SAR 1bn loan from SNB
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SOLUTIONS
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Riyadh – Mubasher: Arabian Internet and Telecommunication Services Company (solutions) has signed a sharia-aligned credit facility agreement with the Saudi National Bank (SNB) to obtain SAR 1 billion.

The loan, which holds a funding date of 27 June 2022, comprises short- and medium-term banking facilities of SAR 500 million each, according to a bourse filing on Monday.

solutions added that the multi-purpose short-term loan holds a one-year tenor, while the medium-term financing limit will be for five years.

The funding aims to be utilised for letters of credit and guarantee, financing the working capital, in addition to funding the acquisition of Giza Systems Company.