Al Kathiri Holding raises bank facilities with NCB to SAR 5 mln

Al Kathiri Holding Co. signed an agreement with National Commercial Bank (NCB) to renew existing Shariah-compliant credit facilities, raising the total value from SAR 3 million to SAR 5 million, the company said in a bourse statement.

The credit term, which lasts until August 31, 2020, could be extended, the statement noted.

The amount is covered by a promissory note and is intended to be used in financing working capital and meeting other business requirements, according to the statement.

No related parties are involved in the deal.