Almuneef renews, expands SAR 35M credit facilities deal with Bank Albilad

Almuneef Co. for Trade, Industry, Agriculture, and Contracting announced the renewal and increase of its financial facilities contract with Bank Albilad.

In a statement to Tadawul, the company said the facilities’ renewal for the previous year totaled SAR 13 million, with approval for an increase in facilities by SAR 22 million. This raises the total value of the facilities agreement to SAR 35 million.

The financing period spans one year, with the objective of financing purchase orders from suppliers for importing goods and covering the issuance of final guarantees for local projects, the statement indicated.

To secure the financing, guarantees were provided by Hamad Al Hajri, Chairman, and Nasser Al Hajri, Deputy Chairman, in the form of a promissory note totaling SAR 37.17 million. Additionally, financed projects, with final guarantee letters issued, were relinquished.

Hamad Al Hajri, and Nasser Al Hajri are related parties to the contract, the satemnet added.