| Introduction | Alian Industry Company, a subsidiary of Al Kathiri Holding Co, has sign bank facility agreement (Shariah-complaint) with Riyad Bank |
| Date of Receiving the Credit Facility | 2019-12-15 Corresponding to 1441-04-18 |
| Financier | Riyad Bank |
| Credit Facility value | 18,000,000 SR |
| Credit Facility duration | The financing period is 540 days |
| Guarantees Provided for Credit Facility | Order note of 100% for total facilities in addition In exchange for the assignment of the Industrial Development Fund contract – Announced on October 02, 2019 |
| Purpose of the Credit Facility | Obtaining the required liquidity to accelerate and complete the process of establishing a construction technology factory in Sudair City for industry and business on time ( the expected date of completion of works and the beginning of production is the third quarter of 2020) |
| Related Parties | No related parties on this agreement |
| Additional Information | Al Kathiri Holding Company wishes to clarify to its shareholders that it has made this agreement to obtain the liquidity required to accelerate and complete the construction of the construction technology factory in Sudair City for Industry and Business on the specified date.It is worth to mention that the technology of producing the three-dimensional concrete panels is very developed and sophisticated. Also, it is an alternative for traditional construction methods with a cost and time savings of 30% from the traditional way and process of construction.In addition of its flexibility in the enforcement modern architectural designs, which can be used in various areas of residential units, commercial buildings, as they achieve the highest standards of efficiency in acoustic and thermal insulation, knowing that this Italian technique is used in all countries of the European Union and the United States of America. |
