MESC renews credit facilities worth SAR 171M with banks

Middle East Specialized Cables Co. (MESC) renewed its Shariah-compliant credit facilities agreement worth SAR 171 million with Saudi Awwal Bank (SAB), Al Rajhi Capital, Arab National Bank, Banque Saudi Fransi, and Riyad Bank, the company said in a statement to Tadawul. 

The purpose of the facilities is to finance working capital, which will have a positive impact on the company’s performance over the coming period, said MESC, indicating that the financing term is six months.

It also stated that the guarantees provided for the financing are a promissory note and mortgage of some accounts and assets, in addition to the transfer of insurance proceeds and other proceeds.

There are no related parties to the agreement, according to the statement.

Source : Argaam