National Building renews, extends SAR 190M credit facility with Riyad Bank

Logo of National Building and Marketing Co.

National Building and Marketing Co. signed a deal to renew and extend a Shariah-compliant credit facility agreement worth SAR 190 million with Riyad Bank, the company said in a statement to Tadawul today, March 11.

The facilities run for six to 18 months based on the nature of loan utilization. The Tawarruq financing limit was raised to cover working capital requirements by SAR 20 million, bringing the total post-increase limit to SAR 50 million.

Meanwhile, the financing limit for the company’s construction projects was maintained at SAR 140 million without modification.

The necessary signatures have been completed and a copy of the agreement was received today, it added.

National Building noted that a promissory note was secured in guarantee for financing, with the same terms and conditions as per the facilities and provisions previously approved by the bank.