Zahrat Al-Waha Renews Credit Facilities from Saudi Investment Amounting to SR 67.5 mln

Zahrat Al Waha for Trading Co. announced on Wednesday the renewal of the credit facilities agreement that is in line with the Sharia regulations with the Saudi Investment Bank for SR 67,560,587.76.

“The guarantees provided against the financing are a promissory note submitted by the company with the total value of the facilities.” it said

The company also said that “The deal aims to purchase and import raw materials required for manufacturing activity, and to purchase and import machines and injection molds to finance capital expansions. There are no related parties”

The limit for opening short-term credits and facilities was renewed to finance working capital with the same value of 60,000,000 SR.

“The limit for the facilities to purchase machinery and equipment has been renewed and reduced from 15,560,700 SR to 7,560,587.76 SR as a result of payments.” The statement concluded

On the other hand Zahrah Al-Waha announced on Wednesday that the Company’s shareholders can vote remotely on the Ordinary General Meeting Agenda items, which will be held at 6:30 PM on Monday 08-11-2021 remotely through contemporary technology.

This is within the support of the preventive and precautionary efforts and measures by the competent health authorities to address the emerging corona virus (COVID-19), and as an extension of the continuous efforts made by all government agencies in the Kingdom of Saudi Arabia to take the necessary preventive measures to prevent its spread.

Please note that shareholders registered on Tadawulaty services can start voting remotely starting from 10:00 AM on Thursday 04-11-2021 and will continue until 7:00 PM on the day of the meeting Monday, 08-11-2021.