SHL renews SAR 200M credit facilities with Bank AlJazira

SHL Finance Co. renewed on March 26 a Shariah-compliant credit facility agreement worth SAR 200 million with Bank AlJazira.

SHL will use the five-year financing to expand and boost sales volumes, in line with its plans and future strategy, according to a statement to Tadawul.

The credit is guaranteed by a promissory note for the total amount of the facility and an assignment of receivables to cover 125% of the outstanding balance of the facilities, the statement added.

Meanwhile, the company confirmed that the agreement is a continuous transaction that is renewed annually and is carried out in the normal course of business and in accordance with prevailing commercial conditions and without any preferential terms.

There are no related parties to the deal, the company said.