Inc. signed Mining in Saudi Arabia “Maaden”, agreement to renew the Murabaha revolving loan for a value of 11.25 billion riyals, and to extend it for another 5 years, as it was previously renewed on December 13, 2017.
The company said in a statement on “Saudi Tadawul” today, Sunday, that funding agencies included National Bank of Saudi Arabia, Banque Saudi Fransi, Al-Rajhi Bank, The Saudi British Bank, Gulf International Bank, Riyadh Bank, Bank Al-Jazira and the Arab National Bank.
He added that the funding aims to manage the company’s overall objectives, including financing working capital and avoid any liquidity restrictions.
He explained that the Murabaha financing is currently not withdrawn, and the company has increased the financing amount from 7.5 billion riyals to 11.25 billion riyals to reduce the risks of commodity price fluctuations, as well as provide support for cash liquidity and future growth plans.
