Saudi Azm renews SAR 35 mln credit facilities with Al Rajhi Bank

07/02/2023 Argaam
Logo of Saudi Azm for Communication and Information Technology Co.

Logo of Saudi Azm for Communication and Information Technology Co.

Saudi Azm for Communication and Information Technology Co. announced renewing a Shariah-compliant credit facility agreement worth SAR 35 million with Al Rajhi Bank. The facilities were secured by the company in November 2022.

 

In a statement to Tadawul today, Feb. 7, Saudi Azm said these facilities will be used to finance working capital, new projects and issuance of letters of guarantee. The facilities term, which started on Nov. 13, 2022, will be valid until Oct. 31, 2023.

 

The facilities are guaranteed by the principal terms and conditions agreement for banking facilities, Bai Ajel agreement, corporate guarantee declaration, guarantee of fines, performance and commitment, and waiver of projects agreement.

 

The renewal agreement was received today by the company after being signed by all parties.

 

There are no related parties to the agreement, Saudi Azm concluded.

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