Aseer secures SAR 200 mln Murabaha facility from SAIB

08/12/2021 Argaam

Logo of Aseer Trading, Tourism and Manufacturing Co.

Aseer Trading, Tourism and Manufacturing Co. obtained, on Dec. 7, a short-term, revolving Murabaha financing facility worth SAR 200 million from Saudi Investment Bank (SAIB), according to a bourse filing.

 

The facility tenor will extend for one year from the date of the agreement signing, and it will be renewed on an annual basis.

 

The facility will be guaranteed by a promissory note and pledge of shares.

 

The loan facility will be utilized in the repayment of outstanding credit facilities secured from a local bank at SAR 140 million, while a sum of SAR 60 million will be directed to boost the company’s solvency.

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