Ladun signs SAR 216M credit facility deal with BSF
Summary
Ladun Investment Co. signed today, Feb. 16, a Shariah-compliant, mixed-use credit facility agreement valued at SAR 216 million with Banque Saudi Fransi (BSF), the company said in a statement to Tadawul.For more news on listed companiesThe five-year facility aims to provide guarantees for a construction contract signed by Laduns subsidiary, Built Industrial Co., for The Point project in Abha.The facility is secured by a SAR 216 million promissory note payable on demand. Additionally, Built Industrial assigned project receivables to BSF, with acknowledgment from the project owner.The financing will help Built Industrial provide guarantees and secure funds needed to execute the contract for The Point project.Ladun confirmed that the agreement does not involve any related parties.In November 2024, the company announced that Built Industrial had signed a SAR 645.66 million contract, including VAT, with the Real Estate Development Fund (REDF) to construct the mixed-use project in Abha.