Sahl Renews Facility Agreement with Arab National Bank Worth SAR 1.82 Billion

Logo of Sahl for Finance

Sahl for Finance announced the renewal of an Islamic-compliant credit facility agreement with Arab National Bank (a related party) worth SAR 1.82 billion. The company said in a statement on Tadawul that the financing term is 5 years, indicating that the guarantees provided against the financing are a promissory note and the assignment of receivables to the bank as collateral. It added that the aim of the financing is to expand and increase its sales volume in the coming period through new financing granted to customers, in line with the company's strategy and future plans. It mentioned that there is an indirect interest of board member Obaid bin Abdullah Al-Rasheed, the Managing Director and CEO in Arab National Bank. The company pointed out that the agreement is a continuing transaction that is renewed annually and is conducted in the ordinary course of business and according to prevailing commercial terms and without any preferential conditions.

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