Saudi Advanced Industries Co. (SAIC) renewed a Shariah-compliant credit facility agreement worth SAR 50 million with Saudi Investment Bank (SAIB), according to a bourse statement.

 

The financing period is three years, starting from July 1, the statement said, adding that the loan is secured by a mortgage guarantee and a promissory note.

 

The financing aims to support the activities and cover the expansion of the company's investments.

 

The deal does not have any related parties, according to the statement.

 

In July 2018, SAIC signed a SAR 50 million Shariah-compliant credit facility agreement with SAIB, Argaam earlier reported.

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