13 Dhu al-Qi'dah 1445 - 21 May 2024
    
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Eye of Riyadh
Business & Money | Tuesday 16 April, 2024 9:48 am |
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Ladun Investment signs SAR 573M facility with Al Rajhi Bank

Ladun Investment Co.’s board of directors approved signing a Shariah-compliant credit facilities agreement with Al Rajhi Bank to finance the company and affiliated Built Industrial, at a total value of SAR 573 million, according to a statement to Tadawul.

 

The financing facility was obtained on April 15, 2024, with a tenor of one-10 years.

 

The facility will be guaranteed by waiving revenue in some financed projects, waiving rental revenue of Riyadh Tower building, mortgages, in addition to a promissory note.

 

The facility will be used in financing the company’s working capital, the purchase of Al-Rabwa land plot, building Riyadh Tower on King Fahd Road. As for Built Industrial, the deal comprised issuing guarantees in addition to an advance payment of five projects with government agencies at a total value of nearly SAR 1.5 billion.

 

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