Watani Iron Renews Facility Agreement with Albilad 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 Albilad Bank. The date of obtaining the funding is 05.12.2021.

Concerning the guarantees offered for the financing, the Company indicated on Monday on Tadawul that the facility agreement is secured by a promissory note with the value of the facilities in favor of the bank.

The short-term credit facility agreement was renewed to finance working capital with the same value of SR60,000,000, with a reduction in the profit rate for the current year compared to the previous year, and 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.