Armah secures SAR 180M credit facility with Bank AlJazira

12/11/2024 Argaam
Logo ofArmah Sports Co.

Logo of Armah Sports Co.

Armah Sports Co. signed today, Nov. 12, a Shariah-compliant credit facility agreement worth SAR 180 million with Bank AlJazira.

 

In a statement to Tadawul, the company said the seven-year financing entails a grace period for the first two years. The long-term loan is worth SAR 180 million (Murabaha financing), aimed at funding capital expenditures.

 

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Armah added that the guarantees provided include mortgaging company-owned lands in addition to a promissory note. This financing is part of its growth strategy to build new sports clubs.

 

Furthermore, the bank agreed to reduce the Murabaha margin on existing financing by approximately 22%, based on the company’s current financial position and revenue flows achieved over the past period.

 

These savings will be reflected in the company’s financial statements starting 2025, leading to an estimated 5% reduction in financing costs.

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