Pan Gulf secures SAR 70M credit facilities from SAB

Logo of Pan Gulf Holding Co.

Pan Gulf Marketing Co. obtained on May 29 Shariah-compliant credit facilities, amounting to SAR 70 million, from Saudi Awwal Bank (SAB).

In a statement to Tadawul, the company said the one-year financing is to issue all types of government and non-government guarantees, and letters of credit, as well as to finance the working capital.

Pan Gulf provided a promissory note and corporate guarantees for the financing.

There are no related parties to the deal, the statement added.