Saudi Arabia’s Molan Steel Co. signed an agreement to obtain an interest-free loan worth SAR 15 mln (USD 4 mln) from its major shareholder, Dar Al-Takamul Holding Co.
According to the company, the financing will be used to support working capital requirements and cover acquisition-related costs.
Molan Steel stated that the facility is structured as a Qard Hasan (interest-free loan) with no interest, fees, or financial benefits attached. The loan will be repayable upon written request from the lender.
The company added that around SAR 9.14 mln had already been received in installments prior to the signing of the agreement.
Molan Steel supplies steel products for the construction and fabrication sectors across the Middle East.
1 USD / 3.75 SAR