SHL renews SAR 2.1 bln credit facility with ANB

Logo of SHL Finance Co.

SHL Finance Co. renewed a Shariah-compliant credit facility agreement with Arab National Bank (ANB) worth nearly SAR 2.1 billion, the company said in a statement to Tadawul.

The financing, which extends until April 30, 2024, is covered by a promissory note for the total amount of the facility and the assignment of receivables to cover 105% of the outstanding balance of the facilities.

The facility will be used to expand and increase the sales volume in line with the company's strategy and future vision.

Obaid Al Rasheed, Managing Director and CEO of Arab National Bank, has an indirect interest in the transaction.

The agreement is renewal annually and carried out in the normal course of business in accordance with prevailing commercial conditions and without any preferential terms.