Aseer subsidiary signs SAR 342 mln financing facility with Samba

02/02/2021 Argaam

Logo of Al Rabie Saudi Foods Co.


Aseer Trading, Tourism and Manufacturing Co.’s subsidiary Al Rabie Saudi Foods Co. Ltd. signed a Shariah-compliant financing agreement at a total value of SAR 342 million, with Samba Financial Group, the firm said in a statement to Tadawul today, Feb. 2, 2021. 

 

The credit facilities are divided into a long term, five-year loan worth SAR 150 million including a six-month grace period, and a one-year SAR 192 million loan to finance working capital, which is renewable on an annual basis. 

 

A promissory note amount was provided as guarantee for the total facility. 

 

The purpose of the facility is to restructure the company’s credit facilities through allocating: 

 

- SAR 144 million for early settlement of existing loans with a local bank. 

- SAR 6 million for capital expenditure as needed. 

- SAR 192 million to finance working capital for meeting the requirements of company's operations. 

 

Al Rabie is a limited liability company engaged in the manufacturing of dairy products, fruit drinks, juices and canned food. The company is 57.3% owned by Aseer Arabian for Industrial Investment Co. that is fully owned by Aseer.

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