MIS renews, amends SAR 350 mln credit facility deal with GIB

Al Moammar Information Systems Co. (MIS) announced the renewal and amendment of a Shariah-compliant credit facility deal worth SAR 350 million with Gulf International Bank (GIB), according to a Tadawul statement today, Oct. 3.

The credit facility is valid till June 27, 2024, said the company, adding that the facility agreement is secured by promissory notes to the total facilities value.

MIS also indicated that the financing is directed to funding new project contracts and issuing letters of credit and guarantee. It noted that there are no related parties.