Saudi-listed Academy of Learning Company has secured a new credit line with Riyad Bank, according to a bourse filing on Monday.

The SAR 14.5 million ($3.8 million) facility, with a term of four years, is intended to support the company’s expansion plan, stated the disclosure on the Saudi Stock Exchange (Tadawul).

The Sharia-compliant financing is covered by a promissory note provided by the company, as well as a guarantee under a fine and solidarity bond approval from the Chairman of the Board of Directors.

The company operates educational and training institutes across Saudi Arabia, according to the company’s profile.

(Writing by Cleofe Maceda; editing by Seban Scaria)
(seban.scaria@lseg.com)