Amlak International for Real Estate Finance Co. Announces the renewal of a credit facility agreement with Saudi investment bank ( related party).
- Date: 01-Mar-2022
- Source: Mubasher
- Sector:Real Estate
- Country:Saudi Arabia
Amlak International for Real Estate Finance Co. Announces the renewal of a credit facility agreement with Saudi investment bank ( related party).
|Element List||Explanation|
|Introduction||Amlak International Real Estate Finance Company announces the renewal and amendment of the credit facility agreement (Sharia-compliant) with the Saudi Investment Bank.|
|Date of obtaining the funding||2022-02-28 Corresponding to 1443-07-27|
|Financing entity||Saudi Investment Bank|
|Financing amount.||664,500,000 SAR|
|Financing duration.||one Year|
|Guarantees offered for the financing|| - Assignment of accounts receivable to the bank.
|
- Promissory Note in favor of the bank
|Financing objective||Facilitating the company's business and increasing its ability to finance its clients.|
|Related Parties|| The Saudi Investment Bank - one of the major shareholders - has a direct interest in this agreement.
|
There is also an indirect interest in this agreement with :
1- Mr. Majed Abdulghani Fakeeh, General Manager of Corporate Banking at Saudi Investment Bank.
2- Mr. Khalid bin Abdulaziz Al-Rayes, Chief Executive Officer of Al-Istithmar capital company
which is100% owned by the Saudi Investment Bank.
|Additional Information||The Company confirms that no preferential treatment was given on this agreement and it is within the usual business activity.|