East Pipes Integrated Company for Industry signed a Shariah-compliant credit facility agreement worth SAR 1.1 bln (USD 293 mln) with Banque Saudi Fransi, according to a statement to Tadawul.
The agreement is valid for 459 days, the company said, noting that a promissory note of SAR 1.15 bln (USD 306 mln) was provided to fully guarantee the credit facility.
The funds will be used to finance working capital for some of the company’s projects.
Established in 2010, East Pipes Integrated Company for Industry is a leading manufacturer of Helical Spiral Arc Welded (HSAW) pipes in Saudi Arabia with an annual production capacity of 500,000 tons. East Pipes has supplied pipes to Saudi Aramco in the past years and has been a major supplier of HSAW pipes to Saline Water Conversion Corporation (SWCC).
