SAIC says credit facility agreement with SAIB not renewed

30/11/2022 Argaam
Logo of Saudi Advanced Industries Co. (SAIC)

Logo of Saudi Advanced Industries Co. (SAIC)

Saudi Advanced Industries Co. (SAIC) announced not renewing its credit facility agreement with Saudi Investment Bank (SAIB), the company said in a statement to Tadawul.

 

In July 2018, SAIB inked a SAR 50 million Shariah-compliant credit facility agreement with SAIB, according to data available with Argaam.

 

The facility was to finance the company’s expansions, in addition to repaying the remaining part of a SAR 25 million credit facility obtained from Alawwal Bank.

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