Ladun Investment obtains credit facility worth SAR 750 mln from Bank Albilad

Logo of Ladun Investment Co.

Ladun Investment Co. board of directors approved today, Nov. 29, credit facilities worth SAR 750 million provided by Bank Albilad to finance the company’s future projects within the frameworks of its strategy.

In a statement on Tadawl, the company indicated that the facilities are divided into SAR 500 million to finance future projects and SAR 250 million to fund Al Rimal project in Riyadh.

The credit facility is 100% covered by three title deeds, in addition to a corporate guarantee from Ishar Investment Co. and assigning Al Rimal project proceeds, the statement added.

Ladun Investment explained that the finance will be paid in 60 months in bullet for new projects and 48 months be paid bullet or from the revenue of sale proceeds of the Al Rimal project, whichever is earlier.

Ishar Investment Co., a major shareholder of Ladun Investment, is a related party to the agreement.

The finance aims to acquire or finance new projects in line with the company’s strategy (financing SAR 500 million), as well as funding part of the land value and developing the infrastructure of the Al Rimal project to sell developed lands and products.