Molan Steel renews SAR 13M Shariah-compliant facility with Bank Albilad

08/01/2024 Argaam

Molan Steel renews SAR 13M Shariah-compliant facility with Bank Albilad

Logo of Molan Steel Co.

Molan Steel Co. renewed a Shariah-compliant credit facility agreement worth SAR 13 million with Bank Albilad, according to a statement to Tadawul.

 

The credit facility will be directed to finance the requirements of the working capital, with a tenor extending until July 27, 2024.

 

The facility will be guaranteed by promissory notes and combined payment and performance bonds by the chairman and the vice chairman.

 

The deal included no related parties, the statement added.

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