SVCP Secures SAR 30 Million in Facilities from SAIB

Saudi Vitrified Clay Pipe Co. (SVCP) announced on Sunday the signing of a credit facilities agreement (compliant with the provisions of Islamic Shariah) with the Saudi Investment Bank (SAIB) worth 30 million riyals.

The Company stated that the financing duration would be 20 million riyals in long-term financing for a period of 72 months with a grace period of 12 months, while 10 million riyals would be short-term financing for 6 months (revolving loan on demand).

According to the statement published on “Tadawul,” the guarantees offered for the financing would be a promissory note worth 30 million riyals.

The objective of the agreement is to finance current and future projects and working capital, and issue bank guarantees and Letters of Credit (LC).