Riyadh Cables gets SAR 600 mln credit facility from Saudi EXIM Bank

Riyadh Cables Group Co. (RCG) signed, on Aug. 14, a Shariah-compliant credit facility agreement worth SAR 600 million with Saudi Export-Import Bank (Saudi EXIM), to finance the company’s working capital needs of export and pre-export activities.

In a statement to Tadawul, Riyadh Cables pointed out that the financing is valid until April 30, 2024, secured by a promissory note that represents 100% of the funding value.

There are no related parties to the transaction, the statement added.

Source : Argaam