First Mills signs SAR 630M credit facility with SAB
First Milling Co. (First Mills) signed a long-term Shariah-compliant bank facility agreement worth SAR 630 million with Saudi Awwal Bank (SAB).
In a filing to Tadawul, the company said this mixed-use deal aims to support the company's commercial and operational activities, contributing to its future expansion.
The financing, available until Dec. 31, 2035, is guaranteed under promissory notes of the facility amounts, First Mills said.
The company noted that the loan aims to support its growth and expansion while optimizing financing costs, enhancing profitability, and delivering sustainable long-term returns for shareholders. The facilities include financing for debt repayments, working capital requirements, bank guarantees, and letters of credit, as needed.
The board of directors approved the funding on March 23, with all necessary legal procedures completed and signatures received as a final version on April 20.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Leaders
10 hours ago
- Leaders
HRDF Wins Two Gold Awards at EMEA Customer Service Event
The Human Resources Development Fund (HRDF) has been honored with two prestigious Gold Awards at the EMEA Contact Center World Awards, recognizing its excellence in customer service. HRDF received the Gold Award for Best Contact Center and the Gold Award for Best Use of Social Media in Customer Experience across Europe, the Middle East, and Africa (EMEA). These achievements were announced during the regional conference held in Berlin, Germany, which brought together leading organizations to celebrate outstanding performance in customer service. HRDF earned these accolades after competing with numerous government bodies and companies from around the globe. Additionally, the rigorous evaluation process was conducted in multiple phases and aligned with top-tier international standards. Judging was carried out by a panel of global experts in customer service and contact center operations. As part of the conference, HRDF presented its approach to enhancing the customer journey through diverse communication platforms and responsive support services. Moreover, the Fund shared insights into its customer engagement strategies, real-time assistance capabilities, use of advanced technologies, performance metrics, and ongoing initiatives to improve access to its programs and services. These awards, along with HRDF's recent local and international recognitions, reflect its unwavering commitment to excellence, quality, and innovation in customer experience. They also underscore HRDF's dedication to boosting operational efficiency, fulfilling service expectations, and driving sustainable outcomes that contribute to the Fund's mission of developing a resilient national workforce—aligned with the goals of Saudi Vision 2030. Related Topics : Saudi Arabia HRDF's Expenditure Hits SAR 6.9 Billion in 9 Months NEOM Tech & Digital Co. Launches Major Cloud Infrastructure Project with Oracle 'Customer service' Jobs for Saudis Only Aqualia, NWC Redefine House Connection Services in Saudi Arabia Short link : Post Views: 19
Argaam
14 hours ago
- Argaam
First Mills secures SAR 69M loan from SIDF
First Mills Co. signed a SAR 69.4 million financing agreement with the Saudi Industrial Development Fund (SIDF) to support capital expenditures for upcoming projects and drive the company's expansion, it said in a filing to Tadawul. The loan will be repaid in 12 equal semiannual installments, starting Feb. 15, 2027, and ending Aug. 15, 2032, following a grace period. First Mills said it issued an irrevocable bank guarantee from a local bank approved by the Saudi Central Bank (SAMA), covering the full loan amount. The company added that any material developments related to the SIDF facility will be announced in accordance with applicable regulations.
Leaders
3 days ago
- Leaders
NWC Completes SAR 37 Million Water Project in Qilwah, Al-Baha
The National Water Company (NWC) has completed a SAR 37 million drinking water network project in Qilwah Governorate, Al-Baha Region, serving over 10,000 residents. In a press release, NWC confirmed the project was delivered on schedule and meets rising demand for water services in the area. The initiative involved installing 141,870 meters of transmission and distribution pipelines, along with a pumping station capable of supplying over 8,400 cubic meters of water daily. This project is part of NWC's broader strategy to enhance operational efficiency, improve water delivery, and ensure sustainable, high-quality water services across the Kingdom. NWC urged residents of Qilwah and surrounding areas to apply for water services via its mobile app or the e-Branch: Related Topics : NWC Collaborates with upsource by solutions to Elevate Water Distribution Sector GASTAT Reports 13.4% Growth in Non-Oil Exports in Q1 2025, 10.7% Increase in March Saudi Arabia Leads the World in Desalinated Water Production King Abdullah Gardens: Green Oasis in Desert Progresses Toward Completion Short link : Post Views: 10 Related Stories
