First Mills signs SAR 630M credit facility with SAB

First Milling Co. (First Mills) signed a long-term Shariah-compliant bank facility agreement worth SAR 630 million with Saudi Awwal Bank (SAB).

In a filing to Tadawul, the company said this mixed-use deal aims to support the company’s commercial and operational activities, contributing to its future expansion.

The financing, available until Dec. 31, 2035, is guaranteed under promissory notes of the facility amounts, First Mills said.

The company noted that the loan aims to support its growth and expansion while optimizing financing costs, enhancing profitability, and delivering sustainable long-term returns for shareholders. The facilities include financing for debt repayments, working capital requirements, bank guarantees, and letters of credit, as needed.

The board of directors approved the funding on March 23, with all necessary legal procedures completed and signatures received as a final version on April 20.

Any major development related to the financing facility will be announced as per the related regulations and instructions.