Molan Steel renews, increases credit facilities by SAR 3.5 mln with Alinma Bank

07/02/2023 Argaam
Logo ofMolan Steel Co.

Logo of Molan Steel Co.

Molan Steel Co. renewed Sharia-compliant credit facilities worth SAR 5 million with Alinma Bank, the company said in a statement to Tadawul.

 

In addition, the firm increased the credit facilities by SAR 3.5 million, bringing its total loans secured from Alinma Bank to SAR 8.5 million.

 

The facilities are to finance the working capital requirements, the steel maker said, adding that the facilities are available until Oct. 31, 2023.

 

The guarantees provided for the financing are promissory notes.

 

There are no related parties, the statement noted.

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