Saudi Top inks SAR 30 mln credit facility with Riyad Bank

Nomu-listed Saudi Top for Trading Co. signed a SAR 30 million Shariah-compliant credit facility agreement with Riyad Bank, according to a statement on Tadawul.

Saudi Top said SAR 20 million would be allocated to repay suppliers’ dues and SAR 10 million for issuing letters of guarantee.

A promissory note worth SAR 25 million was submitted as a security for the 32-month facilities.

In addition, the proceeds of the insurance policy were transferred to Riyad Bank as the first beneficiary.

There are no related parties to the deal, it noted.

Source : Argaam