Leejam Sports Company (Fitness Time) Announces the Signing of a Sharia-Compliant Credit Facilities Agreement of SAR 320million with Alinma Bank
| Element List | Explanation |
|---|---|
| Introduction | Leejam Sports Company (Fitness Time) announces the signing of a Sharia-compliant credit facilities agreement of SAR 320million with Alinma Bank on November 05 2023.
These facilities agreements include SAR 285 million Medium Term Loan (Murabaha Financing) to finance the company’s Capital Expenditure and acquisition Requirements, SAR 25 million Short Term Loan for Working Capital requirement and SR 10M for Multiple Guarantees in favor of Government and Semi-government Institutions. |
| Date of obtaining the funding | 2023-11-05 Corresponding to 1445-04-21 |
| Financing entity | Alinma Bank |
| Financing amount. | SAR 320 Million |
| Financing duration. | 7 years including a grace period of 2 years for the Medium Term Loan (Murabaha Financing)
6 month for Short Term Loan Financing |
| Guarantees offered for the financing | Promissory notes. |
| Financing objective | Capital Expenditure, acquisition & Working Capital Requirements |
| Related Parties | No related party. |
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