Al Kathiri Holding Co. announces obtaining of Riyad Bank approves renewal of Shariah-compliant credit facilities agreement

IntroductionAlkathiri Holding Co. announces amended and renewal of bank facility agreement (Shariah-compliant) with Riyad Bank and Increase the value of facilities from SAR 3,000,000 to SAR 4,000,000 as follows:
Date of receiving Credit Facility2019-06-27 Corresponding to 1440-10-24
CreditorRiyad Bank
Credit Facility valueSAR4,000,000 million after the addition of SAR 1,000,000 to the facilities Value.
Credit Facility durationThe facility period extends to 12-06-2021 and can be extended for further periods.
Guarantees provided for credit facilityThe facility is secured by a promissory note (equivalent to facility value) in favor of the bank.
Reason for Credit FacilityThe purpose of this facility is to finance the company’s working capital and to meet other business requirements.
Related PartiesNo related parties on this agreement.
Additional InformationThe total amount of facilities granted by Riyad Bank to the Company is SR 10,521,000