Balady Poultry inks SAR 433M facilities with Al Rajhi Bank

Balady Poultry Co. signed, on April 24, two Shariah-compliant bank facilities agreements with Al Rajhi Bank for a total of SAR 433 million.

In a statement to Tadawul, the company said that the first agreement is worth SAR 100 million for a period of 12 months. The amount is covered by a promissory note.

In a separate statement, Balady Poultry indicated that the second facility totaled SAR 333 million, with a term of 84 months, including a 24-month grace period. The credit is guaranteed by a promissory note.

The first deal is intended to finance working capital requirements, while the other deal is for strategic expansions, purchase of production equipment, and completion of construction works.

No related parties are included in both agreements, the company further indicated.