East Pipes signs SAR 1.1 bln agreement with Banque Saudi Fransi

Logo of East Pipes Integrated Company for Industry

East Pipes Integrated Company for Industry signed, on July 9, a Shariah-compliant credit facility agreement worth SAR 1.1 billion with Banque Saudi Fransi, according to a statement to Tadawul. 

The agreement is valid for 459 days, the company said, noting that a promissory note of SAR 1.15 billion was provided to fully guarantee the credit facility. 

The funds will be used to finance working capital for some of the company's projects. 

The deal included no related parties, the statement added.