Amlak International renews SAR 664.5 mln credit facility with SAIB
Summary
Amlak International Real Estate Finance Co. announced today, March 1, the renewal and modification of a Sharia-compliant credit facility agreement with The Saudi Investment Bank (SAIB) at a total value of SAR 664.5 million, according to a bourse filing.The financing is aimed at facilitating the companys business and enhance its ability to finance its clients. The financing has a term of one year. The related guarantees offered include a waiver of accounts receivable in addition to a promissory note in favor of the bank, according to Amlak.The company noted that SAIB - one of the major shareholders - has a direct interest in this agreement. It added that Majed Fakeeh, General Manager of Corporate Banking at SAIB, and Khalid Al-Rayes, Chief Executive Officer of Alistithmar Capital, which is 100% owned by SAIB, have indirect interest in the deal.The company also affirmed that no preferential treatment was given under this agreement, which comes as part of its usual business activity.