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SHL Finance Company announces the renewal of a Sharia-compliant credit facilities agreement with Arab National Bank (Related Party)
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SHL
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1446/01/02 08/07/2024 15:59:59
| Element List | Explanation |
|---|---|
| Introduction | SHL Finance Company announces the renewal of a Sharia-compliant credit facilities agreement with Arab National Bank |
| Date of obtaining the funding | 2024-07-08 Corresponding to 1446-01-02 |
| Financing entity | Arab National Bank |
| Financing amount. | 2,057,229,000 Saudi riyals |
| Financing duration. | Till 30/04/2025 |
| Guarantees offered for the financing | A promissory note for the total amount of the facility Assignment of receivables to cover 105% of the outstanding balance of the facilities |
| Financing objective | The purpose of this facility is to expand and increase the sales volume in line with the company's strategy and future vision. |
| Related Parties | Mr. Obaid Abdullah Alrasheed the Managing Director and the Chief Executive Officer of the Arab National Bank has indirect interest in the transaction. |
| Additional Information | The company confirms that the agreement is a continuous transaction that is renewed annually and is carried out in the normal course of business and in accordance with prevailing commercial conditions and without any preferential terms. |
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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