Watani Iron Steel renews $6.66mln facility deal with Alinma Bank

Reuters Images/Faisal Al Nasser

The facility deal will hold a duration period from 12 October 2022 to 31 August 2023 to finance Watani Iron Steel’s working capital

Staff Writer, Mubasher

October 18, 2022

PHOTO

Riyadh – Watani Iron Steel Company has renewed a Sharia-compliant facility agreement worth SAR 25 million with Alinma Bank, according to a recent bourse filing.

The facility deal will hold a duration period from 12 October 2022 to 31 August 2023 to finance Watani Iron Steel’s working capital.

Meanwhile, the financing is secured by a promissory note worth the value of the total loan limit in favour of the Saudi lender.

In 2021, the Tadawul-listed firm obtained a SAR 25 million loan from Alinma Bank.

It is worth noting that in the first half (H1) of 2022, the bank registered net profits of SAR 1.74 billion, up 29.40% year-on-year (YoY) from SAR 1.35 billion.

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