Latest news with #workingCapital
Zawya
26-05-2025
- Business
- Zawya
Saudi Arabia's Pan Gulf secures $19mln Islamic loan Saudi Awwal Bank
The Saudi Arabia-based Pan Gulf Marketing Company has secured a 70 million Saudi riyal ($18.66 million) Shariah-compliant facility from Saudi Awwal Bank (SAB). The one-year facility will be used to boost its working capital, issue government and non-government guarantees and letters of credit. The facility is guaranteed by a promissory note. In October 2024, the company secured Shariah-compliant credit facilities of SAR 135 million from Banque Saudi Fransi to support its working capital needs. (Editing by Brinda Darasha;
Argaam
22-05-2025
- Business
- Argaam
Knowledge Economic City secures SAR 150M financing from Al Rajhi Bank
The Knowledge Economic City Co. secured a Sharia-compliant corporate financing worth SAR 150 million from Al Rajhi Bank, which will go to finance the company's working capital and support the execution of its strategic objectives. In a statement to Tadawul, the company said that the financing term is four years, noting that the guarantees offered for the financing are lands mortgage and promissory notes. There are no related parties to the agreement, it said.
Argaam
19-05-2025
- Business
- Argaam
SGS secures bank facilities with SNB, BSF up to SAR 850M
Saudi Ground Services Co. (SGS) signed two Shariah-compliant bank facilities agreements with Saudi National Bank (SNB) and Banque Saudi Fransi (BSF) up to SAR 550 million and SAR 300 million, respectively. The funds can be drawn when needed, SGS said in a statement to Tadawul. SNB facility was secured on May 11 and is valid until Dec. 31, 2027. Financing from BSF was issued on May 15 and will be available until April 30, 2026 (extendable for one year). SNB credit is aimed at supporting liquidity position to fund working capital requirements when needed, up to SAR 450 million. The non-funded part of SAR 100 million covers the contractual agreements for the company. Both deals are intended to provide a flexible source of funding for the working capital requirement when needed, which in turn will help achieving the balanced liquidity policy that the company has developed as one of the precautionary measures to support the liquidity position. The agreements would assist with financing the working capital requirements if needed while continuing with the expansion and growth strategic initiatives to grow the company and elevate the quality of services. The deals reflect the quality of the company's credit rating and the banking confidence in the company's capabilities and financial position, along with the strength of the ground services industry in the Kingdom. To achieve the optimum utilization of the agreements and to avoid unnecessary cost, the company will review the working capital requirements on a monthly basis and will drawdown only when needed, the statements added.
