Saudi construction materials firm Alkathiri Holding Co. has amended and renewed a Shariah-compliant credit facility agreement with Riyad Bank, the company said on Thursday.
The value of the new credit facility is now 4 million Saudi riyals ($1.07 million) after an addition of 1 million riyals. The facility period is extended to June 12, 2021 and can be further extended.
It is secured by a promissory note equivalent to the facility value, in favour of the bank, Alkathiri said in the bourse filing.
The amended and renewed credit facility will finance the company’s working capital and meet other business requirements, it said.
Alkathiri, which primarily supplies cement and concrete to construction projects, has a total of 10.521 million riyals in facilities from Riyad Bank.
Source Salaam Gateway