Watani Iron Steel Co. (Watani Steel) has renewed a Shariah-compliant bank facility agreement worth SAR 70.5 mln (USD 18.7 mln) with Bank Albilad, according to a stock exchange filing.
The financing, backed by a promissory note, will support the company’s working capital needs. The agreement is valid from December 3, 2024, to November 7, 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
