Zahrat Al Waha renews SAR 93 mln credit facilities with Arab National Bank

Zahrat Al Waha for Trading Co. announced the renewal of SAR 93 million credit facilities agreement with Arab National Bank, in line with the lender’s Shariah regulations.

The duration of the facilities is from Nov. 16, 2020, to Feb. 28, 2021, the firm said in a statement to Tadawul. Order notes with the total value of the facilities have been provided as guarantee.

The facilities will be used to open letter of credit for purchase of raw materials, machinery and equipment, it added.

There are no related parties, Zahrat Al Waha said.

The facilities were divided into:

-Renewal of the limit for opening short-term credits to finance working capital with the same value of SAR 70 million.

-Renewing and reducing the limit for the facilities to purchase machinery and equipment to SAR 22.99 million from SAR 54.45 million, as a result of payments.