Arabian Internet and Telecommunication Services Company (SOLUTIONS) announces the signing of a bank facilities agreement (complaint with Islamic Sharia).
|Date of obtaining the funding||2022-06-27 Corresponding to 1443-11-28|
|Financing entity||Saudi National Bank|
|Financing amount.||The total value of the banking facilities is SAR 1 billion (compliant with Islamic Sharia) consists of: |
- Renewal of multi-purpose short term banking facilities agreement of (SAR 500 million).
- Adding a medium term financing limit of (SAR 500 million).
|Financing duration.||- Short term banking facilities limit for a period of one year. |
- Medium term financing limit for a period of 5 years.
|Guarantees offered for the financing||Promissory note|
|Financing objective||The objective behind the facilities obtained: |
- Short term limit (Multi-Purpose):
Utilized for LC/LG and available as a working capital financing.
- Medium term: to finance the acquisition of Giza Systems Company which was already announced on the Saudi Exchange (Tadawul) website.
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