The Clap
SPIMACO (2070) signed two credit facilities agreements with SABB (1060) and Al Rajhi Bank (1120).
What
SPIMACO signed credit facility agreements (Sharia compliant) with SABB Bank amounting to SAR 650mn.
The facilities consist of renewing short-term credit facilities worth SAR 150mn, and long-term credit facilities worth SAR 500mn.
SPIMACO also signed a short-term credit facility agreement (Sharia compliant) with Al Rajhi Bank for SAR 250mn.
So What
The short-term facilities aim to finance working capital requirements, while the long-term facilities aim to finance the company’s future expansions and investments.
Now What
SPIMACO said that a member of its BoD, Khalid bin Abdul Rahman Al Gwaiz, is a related party in the agreement it signed with Al Rajhi Bank.
