Osool and Bakheet Investment obtains $13.3mln loan from Banque Saudi Fransi

The Sharia-compliant financing deal holds a duration period of 180 days until 31 May 2024

Staff Writer, Mubasher

January 15, 2024

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Osool and Bakheet Investment Company signed a facilities amendment agreement with Banque Saudi Fransi at an amount of SAR 50 million.

The Sharia-compliant financing deal holds a duration period of 180 days until 31 May 2024, according to a bourse disclosure.

Osool and Bakheet Investment will use the loan to finance its current as well as future operations. The proceeds of the facility deal will also be utilised to support working capital and issue Islamic payment guarantee letters.

Last November, the listed company announced the resignation of Abdulwahab Albetari from his position as the board’s Chairman.

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