MESC secures SAR 100M credit facility from Al Rajhi Bank

Middle East Specialized Cables Co. (MESC) secured a Shariah-compliant credit facility worth SAR 100 million with Al Rajhi Bank on April 28, according to a statement to Tadawul.

The facility, which runs for one calendar year, will go for financing the company's working capital, it added.

The facility is guaranteed by a promissory note with the loan's entire value and a waiver of insurance proceeds and proceeds from purchase orders for some customers, the statement pointed out, adding that there are no related parties.