Amlak International Real Estate Finance Co. renewed and amended a SAR 664.5 million Shariah-compliant credit facility agreement with Saudi Investment Bank (SAIB), according to a bourse filing today, Feb. 17, 2021.
The one-year facility is guaranteed by accounts receivable assigned to the bank, and a promissory note.
The funding aims to facilitate the company's business and increase its ability to finance its clients, the statement said.
SAIB has a direct interest in the agreement, and the following board members have an indirect interest:
- Faisal bin Abdullah Al-Omran, CEO of SAIB.
- Majed Abdulghani Fakeeh, general manager-corporate banking.
- Khalid bin Abdulaziz Al-Rayes, CEO of Al-Istithmar Capital (100%-owned by SAIB).
The company confirmed that no preferential treatment was given on this agreement and it is within the usual business activity.
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