Saudi: MESC inks $26.66mln financing agreement with Alinma Bank

Reuters Images/Faisal Al Nasser

MESC will utilise the loan to finance its working capital and issue different types of bank guarantees

Staff Writer, Mubasher

September 23, 2024

PHOTO

Riyadh – Middle East Specialized Cables Company (MESC) secured a Sharia-compliant facility agreement valued at SAR 100 million with Alinma Bank on 19 September 2024.

MESC will utilise the loan to finance its working capital and issue different types of bank guarantees, according to a bourse disclosure.

The deal is valid for one year and is secured by promissory notes worth 110% of the total facility amount.

In April, the Tadawul-listed company obtained a SAR 100 million loan from Al Rajhi Bank to reinforce its working capital.

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