Riyadh – Mubasher: Saudi Networkers Services Company (SNS) secured a short-term Sharia-compliant financing worth SAR 40 million from the Saudi Alawwal Bank on 10 April 2023.

With a tenor of 90 days, the revolving loan is valid until 15 February 2024, according to a bourse filing.

The financing agreement is granted by a promissory note that covers the full exposure as well as the assignment of contract proceeds from the customers.

Meanwhile, Saudi Networkers Services will use the facility to finance its working capital.

In August 2022, the firm commenced the listing and trading of its shares on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul)

On a separate note, the Saudi British Bank (SABB) recently unveiled rebranding to SAB – الاول following its merger with Alawwal Bank.