Saudi Arabia’s National Building and Marketing Co. (NBM) announced that its subsidiary, Ajeej Steel Manufacturing Co., has renewed banking facilities worth SAR 127 mln (USD 34 mln) with Al Rajhi Bank, according to a stock exchange filing.
The financing, secured through a promissory note and liability/performance guarantees, remains under the same terms and conditions previously approved. NBM said the renewed facilities will support Ajeej Steel’s working capital requirements.
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
