Saudi Arabia’s First Milling Company, known as First Mills, has signed a 150 million Saudi riyals ($39.98 million) financing facility agreement with the Saudi Industrial Development Fund (SIDF).

The facility will refinance working capital, boost business operations and enhance expansions and growth, the company said in a statement to the Saudi stock exchange on Wednesday.

The facility has a duration of 24 months and will be repaid in four equal installments. 

The credit facility is guaranteed by promissory notes, the statement added. 

(Editing by Seban Scaria seban.scaria@lseg.com)