National Building’s subsidiary renews SAR 127M credit facilities with Al Rajhi Bank

National Building and Marketing Co.’s subsidiary, Ajeej Steel Manufacturing Co., renewed a Shariah-compliant credit facility agreement worth SAR 127 million with Al Rajhi Bank.

The facility, running for four to 48 months depending on the nature of utilization, is guaranteed by the main terms and conditions, the facilities agreement, the forward sale agreement, approval of a fine, performance and commitment guarantee, and approval of a corporate guarantee, the company said in a statement to Tadawul today, Nov. 24.

The credit facilities are intended to finance working capital requirements, the statement added, noting there are no related parties to the deal.