Watani Iron and Steel renews bank facility agreement with Alinma Bank with value of SR25 mln

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 financing amount is SR25 Million.
It added that financing duration is from 12/10/2022 to 31/08/2023. The facility agreement is secured by a promissory note with the value of the facilities in favour of the bank.
The short-term credit facility agreement was renewed to finance working capital with the same value of SR25,000,000 with a reduction in the profit rate for the current year compared to the previous year, while maintaining a promissory note with the value of the facilities in favour of the bank only, and the signatures were completed by the end of Oct 16, 2022.