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SHL
08 July, 2024 15:59
SHL Finance Company announces the renewal of a Sharia-compliant credit facilities agreement with Arab National Bank (Related Party)
| Element List | Explanation |
|---|---|
| Introduction | SHL Finance Company announces the renewal of a Sharia-compliant credit facilities agreement with Arab National Bank |
| Date of obtaining the funding | 2024-07-08 Corresponding to 1446-01-02 |
| Financing entity | Arab National Bank |
| Financing amount. | 2,057,229,000 Saudi riyals |
| Financing duration. | Till 30/04/2025 |
| Guarantees offered for the financing | A promissory note for the total amount of the facility Assignment of receivables to cover 105% of the outstanding balance of the facilities |
| Financing objective | The purpose of this facility is to expand and increase the sales volume in line with the company's strategy and future vision. |
| Related Parties | Mr. Obaid Abdullah Alrasheed the Managing Director and the Chief Executive Officer of the Arab National Bank has indirect interest in the transaction. |
| Additional Information | The company confirms that the agreement is a continuous transaction that is renewed annually and is carried out in the normal course of business and in accordance with prevailing commercial conditions and without any preferential terms. |
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