Riyadh — Mubasher: Middle East Specialized Cables Company (MESC) announced the renewal of Sharia-compliant Islamic banking facilities totaling SAR 150 million with Al Rajhi Bank.
The financing agreement was originally signed on 22 July 2026 and officially commenced its effective term on 30 September 2026, according to a bourse filing.
The credit package is designated to finance the company’s working capital requirements and facilitate the issuance of various bank guarantees, including performance bonds and advance payment guarantees.
According to the regulatory filing, the facility remains available for use until 30 June 2027.
To secure the funding MESC has provided a promissory note valued at SAR 153.46 million.
Additionally, the company has agreed to the assignment of insurance proceeds as part of the collateral package for the renewed facilities.
MESC confirmed that there are no related parties involved in the transaction.
Meanwhile, this renewal ensures continued liquidity for the firm’s operational needs and contractual obligations over the coming nine-month period.
