Modern Mills signs SAR 871M Murabaha agreement with SNB

09/10/2024 Argaam
Logo ofModern Mills Co.

Logo of Modern Mills Co.

Modern Mills Co. signed a SAR 871 million Murabaha agreement with Saudi National Bank (SNB) to restructure its existing financing.

 

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In a statement to Tadawul, the company said the financing term is 14 years and three months, matching the duration of the previous financing. The facility is fully secured by promissory notes.

 

The purpose of the deal is to repay the existing financing from Alinma Bank, support future expansion, and meet working capital requirements under more favorable terms and interest rates. This is expected to contribute to the company's strategy and enhance future cash flows.

 

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

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