Riyadh – Mubasher: Saudi Marketing, known as Farm Superstores, on Monday announced renewing an Islamic credit facilities contract with Al Inma Bank worth SAR 130 million (around $34.67 million).
The contract extends from 3 October 2017 till the end of August 2018, the company said in a statement to the Saudi Stock Exchange (Tadawul).
Through this loan, Farm Superstores aims to finance its working capital requirements.
The agreement is backed by a promissory note signed by the company, the statement showed, indicating that there were no third parties in the deal.
Last week, Farm Superstores announced the renewal of Islamic credit facilities with El Rajhi Bank worth SAR 100 million.
Saudi Marketing’s stock ended Monday’s session down 0.7% closing at SAR 25.57 price per share.
