Watani Iron and Steel Facility Agreement for SR25mln with Alinma Bank

Watani Iron and Steel Company announced on Monday the renewal and amendment of a bank facility agreement (compliant with the provisions of Islamic Sharia) with Alinma Bank with a value of SR25 Million Saudi.

The financing duration of the deal starts from 27/09/2021 to 31/08/2022.

“The purpose of the facility is to finance the working capital of the company. The company said in a statement.

The facility agreement is secured by a promissory note with the value of the facilities in favor of the bank, Watani Iron added.

“No related parties on this agreement” it said.

The short-term credit facility agreement was renewed to finance working capital with the same value of 25,000,000 riyals, with a reduction in the profit rate for the current year compared to the previous year. All guarantees and personal guarantees for major shareholders were removed, while maintaining a promissory note with the value of the facilities in favor of the bank guaranteed by Watani Iron Steel.