Elm renews SAR 500M credit facility deal with Al Rajhi Bank

Elm Co. renewed a Shariah-compliant credit facility deal worth SAR 500 million with Al Rajhi Bank, according to a statement to Tadawul today, Aug. 22.

The 12-month facilities are secured by a promissory note at the full amount of the financing.

The funds will be used to finance working capital and facilitate bank guarantees. There are no related parties to the agreement, it noted.