Riyadh – Mubasher: Batic Real Estate Co, a fully-owned subsidiary of Batic Investments and Logistics Company, has inked a Shariah-compliant facility agreement worth SAR 200 million with Al Rajhi Bank.
Part of the 36-month facilities was used with an amount of SAR 100 million, according to a bourse filing on Thursday.
Through the facilities, the company aims to finance potential real estate investments, which will be disclosed upon execution.
Backed by order notes and mortgage to cover the loan, several guarantees were jointly offered by Batic Investments and Logistics and Batic Real Estate Co.
It is noteworthy to mention that in the first quarter (Q1) of 2022, Batic Investments and Logistics achieved net profits after Zakat and tax worth SAR 842,232, versus net losses of SAR 3.22 million in Q1-21.
