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 ListExplanation
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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