SHL renews SAR 200M facilities with SAIB

SHL Finance Co. renewed today, Sept. 21, a Shariah-compliant credit facilities agreement with The Saudi Investment Bank (SAIB) for SAR 200 million.

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 carried out in the normal course of business, in accordance with prevailing commercial conditions and without any preferential terms. It noted that there are no related parties to the deal.