Riyadh – Mubasher: Saudi Market Company, known as Farm Superstores Co, on Thursday announced renewing a SAR 151.25 million facility agreement with the Gulf International Bank (GIB).
The facility’s period will extend from 4 November 2018 until 3 November 2019, according to a statement to the Saudi Stock Exchange (Tadawul).
Farm Superstores Co further indicated that it will use the facility to finance operating capital, in addition to inaugurating new branches.
The Tadawul-listed firm obtained the loan through a promissory note.
Farm Superstores Co last reported a 55% year-on-year profit decrease during the third quarter of 2018, reaching SAR 3.24 million, compared to SAR 7.21 million.
Farm Superstores Co’s stock inched up 0.97% to close Thursday’s trading session at SAR 16.62.
