Watani Steel signs short-term, Shariah-compliant facility deal worth SAR 20 mln with ANB

16/05/2022 Argaam
Logo ofWatani Iron Steel Co.

Logo of Watani Iron Steel Co. 

Watani Iron Steel Co. signed today, May 16, a short-term, Shariah-compliant bank facility agreement worth SAR 20 million with Arab National Bank (ANB), which includes working capital financing facilities, according to a bourse filing.

 

The financing duration is from May 10, 2022 to April 30, 2023.

 

The facility is secured by a promissory note with the value of the facility in favor of the bank.

 

The loan will be used to finance the company’s working capital.

 

There are no related parties involved in this agreement, the statement noted.

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