Alwasail Industrial signs financing agreement with SIDF amounting to SR35 mln

Alwasail Industrial Company announced on Monday for the distinguished shareholders that it has signed a financing agreement with Saudi Industrial Development Fund (SIDF) as follows:
It added that the date of obtaining the funding is 23/10/2022. The financing entity is the Saudi Industrial Development Fund. The financing amount is SR34.9 million.
The loan will be repaid in 13 unequal, semi-annual instalments, starting from 15/08/1445H, over a period of seven years, as agreed with SIDF.
It also added that the plant assets will be mortgaged to SIDF as well as signing of a promissory note at the benefit of SIDF.
Financing the development of infrastructure for the polyethylene pipelines manufacturing by replacing some production lines and expanding new industrial technologies and buying machines and machines to raise production capacity and improve the quality of products in the company’s factories in the first industrial city of Buraidah – Saudi Arabia.
No related Parties involved in this agreement.
Any major development related to the loan facility from SIDF will be announced as per related regulations and instructions.