Middle East Specialized Cables Company announces the extension of credit facilities agreement (in compliance with Islamic Sharia) provided by Saudi Alawwal Bank, Al Rajhi Investment Bank, Arab National Bank, Banque Saudi Fransi and Riyad Bank.

Middle East Specialized Cables Company announces the extension of credit facilities agreement (in compliance with Islamic Sharia) provided by Saudi Alawwal Bank, Al Rajhi Investment Bank, Arab National Bank, Banque Saudi Fransi and Riyad Bank.

13 December 2023 03:57 PM

MESC

2370

0.62%

16.10

0.10

Element List

Explanation

Introduction

Middle East Specialized Cables Company (MESC) is pleased to announce to its valued shareholders the extension of the current credit facility agreement (in compliance with Islamic Sharia) with Saudi Alawwal Bank, Al Rajhi Investment Bank, Arab National Bank, Banque Saudi Fransi and Riyad Bank to finance its working capital, which will have a positive impact to enhance the company’s performance during the coming period.

Date of obtaining the funding

2023-12-13 Corresponding to 1445-05-29

Financing entity

Saudi Alawwal Bank, Al Rajhi Investment Bank, Arab National Bank, Banque Saudi Fransi and Riyad Bank

Financing amount.

SR 171 million

Financing duration.

6 months

Guarantees offered for the financing

Promissory note and pledge of certain accounts and assets, in addition to the assignment of insurance proceeds and other.

Financing objective

Finance the working capital

Related Parties

There are no related parties involved in this agreement

Middle East Specialized Cables Company announces the extension of credit facilities agreement (in compliance with Islamic Sharia) provided by Saudi Alawwal Bank, Al Rajhi Investment Bank, Arab National Bank, Banque Saudi Fransi