Riyadh – Mubasher: East Pipes Integrated Company for Industry has signed a Sharia-compliant working capital facilities agreement with Banque Saudi Fransi on 9 July 2023.

The financing is valued at SAR 1.10 billion and holds a duration period of 459 days, according to a bourse disclosure.

East Pipes Integrated noted that the agreement is guaranteed by a promissory note worth SAR 1.15 billion. It added that the facilities agreement aims to finance the working capital of some projects.

Earlier this year, East Pipes Integrated penned contacts with the listed Saudi Arabian Oil Company (Aramco) as well as NEOM and PETROJET Company.