Riyadh – Mubasher: Saudi Azm for Communication and Information Technology Company has renewed a Sharia-compliant facility worth SAR 35 million with Al Rajhi Bank, according to a bourse filing.

The company will use the loan to finance its working capital and new projects, in addition to issuing letters of guarantee.

Meanwhile, the facility deal holds a duration period from 13 November 2022 to 31 October 2023.

The loan is secured by a number of financial instruments, including a letter of guarantee, deferred purchase agreement, waiver of projects contract, and more.

In December 2022, the Tadawul-listed firm penned an agreement with the Saudi General Authority for Awqaf (GAA) at a value of SAR 9.54 million.