Riyadh Steel secures SAR 10M credit facility from SAB

27/08/2024 Argaam

Riyadh Steel secures SAR 10M credit facility from SAB

Logo of Riyadh Steel Co.

Riyadh Steel Co. signed, on Aug. 26, a Shariah-compliant short-term credit facility agreement with Saudi Awwal Bank (SAB) at SAR 10 million, according to a statement to Tadawul.

 

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The one-year credit facility is guaranteed by a promissory note in favor of the bank.

 

The funds will be used to finance the working capital, the statement said, adding that the agreement included no related parties.

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