Saudi Company for Hardware (SACO) inked a Sharia-compliant credit facility agreement at SAR 100 million with Gulf International Bank (GIB).
The facility tenure extends for 5 years with a one-year grace period as of Dec. 19, 2019.
The loan was guaranteed by a promissory note, and it will go for financing the company’s working capital, expansion plans, and other financial liabilities.
The agreement involved no related parties, the statement added.
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