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Almuneef Company for Trade, Industry, Agriculture and Contracting Announces Obtaining a Financial facilities and letters of guarantee
| Element List | Explanation |
|---|---|
| Introduction | Al Muneef Company for Trade, Industry, Agriculture and Contracting would like to announce the launch of the renewal and increase of the financial facilities contract with Bank Al Bilad, where approval was given to renew the facilities for last year in a total amount of 13 million Saudi riyals, as well as approval to increase the facilities by an amount of 22 million Saudi riyals, thus becoming... The total value of the facilities contract is 35 million Saudi riyals. |
| Date of obtaining the funding | 2024-05-23 Corresponding to 1445-11-15 |
| Financing entity | Al Bilad Bank |
| Financing amount. | 35,000,000 SR |
| Financing duration. | One year |
| Guarantees offered for the financing | In order for the renewal and increase of the financing contract agreement to become effective, which is required for the continued use of financing and which ensures the sustainability and expansion of the company’s business, the following securities and additional documents have been submitted: A request note (promissory note) for a total of 37,176,000.00 Saudi riyals from Mr. Hamad bin Murshid Al Muneef Al Hajri, Chairman of the Board of Directors, and Mr. Nasser bin Murshid Al Muneef Al Hajri, Vice Chairman of the Board of Directors, out of the total facilities mentioned above. Assignment of funded projects and the source of final letters of guarantee |
| Financing objective | The purpose of the financing will be to finance suppliers' purchase orders to import goods. It will also include covering the issuance of final guarantees for local projects |
| Related Parties | Mr. Hamad bin Murshid Al Muneef Al Hajri, Mr. Nasser bin Murshid Al Muneef Al Hajri |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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