‎Amlak International renews SAR 664.5 mln credit facility with SAIB

‎Amlak International renews SAR 664.5 mln credit facility with SAIB

Amlak International Real Estate Finance Co. announced today the renewal and amendment of a Sharia-compliant credit facility agreement with the Saudi Investment Bank, at a value of SAR 664.5 million, according to a bourse filing.

The financing is aimed at facilitating the company's business and increasing its ability to finance its clients. The financing has a term of one year. The guarantees offered for the financing include the assignment of accounts receivable to the bank in addition to promissory note in favor of the bank, according to Amlak.

The company noted that SAIB - one of the major shareholders - has a direct interest in this agreement. It added that there is also an indirect interest in this agreement with Majed Abdulghani Fakeeh, the General Manager of Corporate Banking at SAIB, and Khalid bin Abdulaziz Al-Rayes, Chief Executive Officer of Al-Istithmar Capital, which is 100% owned by SAIB.

The company also confirmed that no preferential treatment was given on this agreement and it is within the usual business activity.