Watani Steel renews, amends SAR 25 mln bank facility with Alinma Bank

Logo of Watani Iron Steel Co. (Watani Steel)

Watani Iron Steel Co. (Watani Steel) announced the renewal and amendment of a SAR 25 million Shariah-compliant bank facility agreement with Alinma Bank to finance the company’s working capital.

 

In a statement to Tadawul, Watani Steel said the financing term is from Oct. 12, 2022, to Aug. 31, 2023.

 

The agreement is secured by a promissory note with the value of the facilities in favor of the bank.

 

Moreover, the Murabaha rate was reduced for the current year compared to the previous one, while the promissory note remained unchanged.

 

There are no related parties to the agreement, the company noted.

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