SACO signs Sharia-compliant credit facility at SAR 100 mln with GIB

19/12/2019 Argaam

 

Saudi Company for Hardware (SACO) inked a Sharia-compliant credit facility agreement at SAR 100 million with Gulf International Bank (GIB).

 

The facility tenure extends for 5 years with a one-year grace period as of Dec. 19, 2019.

 

The loan was guaranteed by a promissory note, and it will go for financing the company’s working capital, expansion plans, and other financial liabilities.

 

The agreement involved no related parties, the statement added.

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