NBM subsidiary renews a facility agreement with “Al Rajhi ‎Bank” for SR120 mln

The National Building and Marketing Company (NBM) announced that its subsidiary, Ajeej Factory Company for the manufacture of steel and its derivatives, has renewed the Sharia-compliant banking facilities agreement with Al-Rajhi Bank, at a value of 120 million riyals, for a period of 12 months, in order to finance working capital.

The company said in a statement today on “Tadawul” that the guarantees provided in return for the financing are represented in the main terms and conditions of the banking facilities – the facilities agreement – the forward sale agreement – a declaration of a fine, performance and commitment guarantee – a corporate guarantee declaration.

It indicated that the necessary signatures will be completed and a copy of the agreement will be received after the annual review of the renewal of the facilities on 02-26-2023 AD.