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Saudi Company for Hardware (SACO) hiked its Shariah-compliant credit facilities secured from Saudi British Bank (SABB), from SAR 330.91 million to SAR 412.95 million, to finance expansion projects, the company said in a bourse filing.

 

The guarantees provided against the financing facility under a promissory note were increased from SAR 330.91 million to SAR 412.95 million, while other terms remained intact.

 

There is no relevant financial impact, the statement added.

 

In November 2019, SACO signed SAR 330.91 million Shariah-compliant credit facilities agreement with SABB, Argaam reported. The facility tenure extended for seven years with a 2-year grace period effective as of Nov. 14, 2019.

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