MESC inks SAR 100M credit facilities deal with Alinma Bank

Middle East Specialized Cables Co. (MESC) signed a Shariah-compliant credit facilities agreement worth SAR 100 million with Alinma Bank.

In a statement to Tadawul today, Sept. 19, the company said the one-year financing is guaranteed by promissory notes worth 110% of the total facilities.

The credit facilities are aimed at financing the company's working capital and issuing different types of bank guarantees. There are no related parties to the deal.

The facility agreement is dated July 28, 2024, while the effective date of the facility activation took place today.