Ajeej Steel Manufacturing Co., a subsidiary of National Building and Marketing Co., has signed a Shariah-compliant credit facility agreement with Bank Al Jazira worth SAR 50 mln (USD 13.2 mln), according to a disclosure filed with the stock exchange.
The facility has a revolving tenure of 120 days and is secured by a promissory note, a liability guarantee, and joint performance commitments from the company’s owners.
According to the statement, the funds will be used to support Ajeej Steel’s working capital needs.
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