Riyadh – Mubasher: Molan Steel Company renewed a credit facilities agreement compatible with the provisions of Islamic Sharia with Al Bilad Bank at a value of SAR 13 million.

The Saudi firm will use the loan to finance its working capital, according to a bourse disclosure.

The facility deal is guaranteed by a promissory note and is valid until 27 July 2024.

Molan traded a total of 532,414 ordinary shares on the Parallel Market (Nomu) of the Saudi Exchange (Tadawul) in December 2022 after the Capital Market Authority (CMA) greenlighted the listing in September.