Ajeej Steel Manufacturing Co., a subsidiary of National Building and Marketing Co., has renewed a Shariah-compliant credit facility agreement with Al Rajhi Bank valued at SAR 127 mln (USD 33.8 mln), the company disclosed in a stock exchange filing.
The facility has a tenure ranging from four to 48 months, depending on its utilization. It is secured through key agreements, including the facilities agreement, forward sale agreement, corporate guarantees, and performance and commitment guarantees, the company stated.
The credit facility will be used to finance working capital requirements, according to the statement.
Ajeej Steel has an annual production capacity of 150,000 tons per annum of billets through the induction furnace route.
1 USD / 3.75 SAR
