solutions renews credit facilities deal worth SAR 1.5B with SNB

Arabian Internet and Communications Services Co. (solutions) renewed a Shariah-compliant credit facilities agreement with the Saudi National Bank (SNB) and extended the short-term credit facilities limit.

In a filing to Tadawul today, Jan. 18, the company said the facilities consist of short-term credit facilities amounting to SAR 1 billion, in addition to medium-term financing amounting to SAR 500 million (already utilized).

The financing duration for short-term facilities is one year, while medium-term facilities run for five years from the disbursement date of July 27, 2022.

The amount is covered by a promissory note, the statement added.

The facility renewal and extension of the short-term credit facilities are to be utilized for issuing letters of credit and guarantees. They will be used for working capital financing, the company noted, indicating that no related parties are included in the deal.