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Saudi flour producer Modern Mills has signed an 871 million riyals ($232 million) Murabaha with Saudi National Bank (SNB) to restructure its existing debt.
The loan has a maturity of 14 years and three months, with the funds obtained on 8 October 2024, according to a Tadawul filing.
Modern Mills, which also produces animal feed and bran, has issued promissory notes as a loan guarantee.
The funds will settle the company’s existing debt with Al Inma Bank, while supporting future expansion and working capital requirements.
The company started the listing of its shares on the Main Market of the Saudi Exchange in March.
(Writing by Bindu Rai, editing by Seban Scaria)
