Modern Mills Signs SAR 871 Million Murabaha Financing Agreement with SNB

Modern Mills Co. announced on Wednesday the signing of a Murabaha financing agreement with Saudi National Bank (SNB) to restructure existing financing for 871 million riyals.

The financing duration will be 14 years and 3 months (the same original duration as the previous financing), indicating that the guarantees provided in return, guarantee the financing by promissory notes for the full value of the financing.

The financing aims to repay the total current financing of the Al Inma Bank and support future expansion and working capital requirements with favourable terms and better interest rates, which contributes to achieving the Company’s strategy and enhancing future cash flows.