Facility will be used to cover its investment expansion and repay existing loan from Alawwal Bank
The Saudi Advanced Industries Co (SAIC) has secured a SAR 50 million Shari'ah-compliant credit facility with The Saudi Investment Bank (SAIB) through a promissory note and a mortgage.
According to a statement on Tadawul, the facility extends from the signing date of 1 July 2018 to 30 July 2021. SAIC will use this loan to cover its investment expansion as well as repay the remaining amount of a SAR 25 million loan from by Alawwal Bank.
SAIC has reported a SAR 5.11 million growth in its profits in the first three months of 2018, compared to SAR 3.4 million in Q1 2017.