MESC renews SAR 150M banking facilities with Al Rajhi Bank

Middle East Specialized Cables Co. (MESC) signed an agreement with Al Rajhi Bank to renew Shariah-compliant banking facilities worth SAR 150 million, the company said in a statement to Tadawul on Sept. 30.

MESC said the financing is secured by a promissory note worth SAR 153.46 million and the assignment of insurance proceeds.

The agreement was signed on July 22, while the facility became effective on Sept. 30. It will run until June 30, 2027, the company said, adding that there are no related parties.

The facilities will be used to finance the company's working capital and issue bank guarantees, including performance guarantees and advance payment guarantees.