SHL renews SAR 1.82B facilities with ANB

SHL Finance Co. renewed today, July 13, a Shariah-compliant credit facilities agreement with Arab National Bank (ANB), a related party, with a total value of SAR 1.82 billion.

In a statement to Tadawul, the company said the financing has a term of five years, noting that a promissory note and receivables were provided to the bank as collateral for the financing.

The purpose of renewing the facility is to support expansion and increase SHL’s sales volume through new financing extended to customers, in line with the company’s strategy and future plans.

The company confirmed that the facility agreement represents a continuous transaction that is renewed annually and carried out in the normal course of business, in accordance with prevailing commercial conditions and without any preferential terms.

The company noted that there is an indirect interest involving board member Obaid Alrasheed, who serves as managing director and CEO of ANB.