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Leejam Sports Company (Fitness Time) Announces the Signing of a Sharia-Compliant Credit Facilities Agreement of SAR 150 Million with Emirates NBD

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LEEJAM SPORTS
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1445/06/11     24/12/2023 09:12:10

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Introduction Leejam Sports Company (Fitness Time) announces the signing of a Sharia-compliant credit facilities agreement of SAR 150 million with Emirates NBD on December 21 2023.

These facilities agreements include Multi-Purpose line of SAR 150 million including Short Term Loan (Tawarruq Financing) to finance the company’s Working Capital Requirements and Letter of Credits to Purchase of Fitness Equipment for the company’s operations in the United Arab Emirates.

Date of obtaining the funding 2023-12-21 Corresponding to 1445-06-08
Financing entity Emirates NBD Bank
Financing amount. SAR 150 million
Financing duration. The tenure of Short-Term loan is 3 Months, and the tenor of Letter of Credit is 12 Months
Guarantees offered for the financing Promissory notes.
Financing objective To finance working capital requirements for the company’s operations in the United Arab Emirates
Related Parties No related party.

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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