Riyadh Steel Company announced yesterday, Monday, that it signed a short-term banking facilities agreement (compliant with the provisions of Islamic Sharia) with the Saudi First Bank worth 10 million riyals.
The company said in a statement on Tadawul that the financing period is one year, noting that the facilities agreement is secured by a promissory note for the value of the facilities in favor of the bank.
It indicated that the purpose of the facilities is to finance the company’s working capital, noting that there are no related parties.
