Amlak: A credit facility agreement worth 864.5 million riyals renewed

Amlak International Finance Company announced the renewal of the Sharia-compliant credit facilities agreement with the Saudi Investment Bank for 864.5 million riyals for a period of one year.

The company explained in a statement on Tadawul that the guarantees provided in exchange for the financing include the assignment of receivables to the bank, and a promissory note in favor of the bank, indicating that the aim of the financing is to facilitate the company’s business and increase its ability to finance its clients.

She indicated that there is an indirect interest for members of the Board of Directors, 1 Majid Abdul-Ghani Faqih, General Manager of Corporate Banking at the Saudi Investment Bank, and Khalid bin Abdulaziz Al-Rayes, CEO of Al-Istithmar Capital Company, which is 100% owned by the Saudi Investment Bank.