Alkhorayef Water and Power Technologies, announces that its subsidiary company obtaining an Islamic Banking facilities Agreement with Al Rajhi Bank

Alkhorayef Water and Power Technologies, announces that its subsidiary company obtaining an Islamic Banking facilities Agreement with Al Rajhi Bank

Element List

Explanation

Introduction

Alkhorayef Water and Power Technologies announces that it has obtained and signed a Sharia-compliant bank facility agreement with Al Rajhi Bank to finance a subsidiary company, Package 6 Company for Environmental Services- a limited liability company. These facilities will be used for the project of Long-Term O&M Contracts for Sewage Treatment Plants in Riyadh city- (Package 6 Heet and Al-Hayer STP’s).

Date of obtaining the funding

2024-03-07 Corresponding to 1445-08-26

Financing entity

Al Rajhi Bank

Financing amount.

536,000,000 Saudi Riyal

Financing duration.

Valid till 28/02/2025

Guarantees offered for the financing

Promissory note

Financing objective

Financing Long-Term O&M Contracts for Sewage Treatment Plants Riyadh city- (Package 6 Heet and Al-Hayer STP’s) project

Related Parties

N/A

Alkhorayef Water and Power Technologies, announces that its subsidiary company obtaining an Islamic Banking facilities Agreement with Al Rajhi Bank