Al Hammadi raises limit of credit facilities from ANB

Al Hammadi Company for Development & Investment on Thursday signed an agreement with Arab National Bank (ANB) to increase the limit of credit facilities obtained by the company to SAR 540.5 million, including Tawarruq, credits and guarantees.

The original credit facilities were obtained in December 2016 at a total of SAR 312.5 million.

The new Tawarruq limit of SAR 400 million will now be repaid starting from September 30, 2019 instead of March 31, 2019, Al Hammadi said in a bourse statement.

The credit period is six and a half years, with a grace period of two years and nine months.

The facilities, covered by a promissory note, aim to refinance the company's credit facilities, enhance working capital to support growing operations, and finance future investments in the medical sector.