Riyadh – Mubasher: Saudi Azm for Communication and Information Technology Company has secured a Sharia-compliant facility valued at SAR 22 million from Banque Saudi Fransi.
The Tadawul-listed firm will use the proceeds of the loan to issue letters of guarantee and finance its working capital as well as project contracts.
Saudi Azm concluded the required procedures for the facility deal on 31 May, according to a recent bourse disclosure.
The financing agreement, which is secured by a promissory note, is valid from 6 April 2023 to 5 April 2024.
Last February, the company extended its SAR 35 million facility contract with Al Rajhi Bank.
