Saudi Arabia’s Watani Iron Steel Co. (Watani Steel) announced in a stock exchange filing the renewal of a Shariah-compliant bank facility agreement worth SAR 25 mln (USD 6.65 mln) with Alinma Bank.
The funding, secured by a promissory note, is designated for the company’s working capital needs. The financing term runs from September 1, 2024, to August 30, 2025.
Watani Steel was established as a limited liability company in August 2008 and transitioned to a closed joint-stock company in May 2020. Its shares were listed and began trading on the Nomu-Parallel Market in February 2021. Watani Steel has an annual production capacity of 280,000 tons of billet and 320,000 tons of rebars.
1 USD / 3.75 SAR
