Molan Steel and Al Bilad Bank Seal SAR 13 Million Sharia-Compliant Credit Deal

Molan Steel and Al Bilad Bank Seal SAR 13 Million Sharia-Compliant Credit Deal

By Staff Writer, 10 January 2024

Molan Steel Company has officially entered into a Sharia-compliant credit facilities agreement with Al Bilad Bank, securing a total value of SAR 13 million.

As per a recent disclosure to the bourse, the Saudi-based firm intends to utilize this financial boost to bolster its working capital.

This credit arrangement, valid until 27 July 2024, is fortified by a promissory note, providing a structured framework for the mutual obligations of both parties involved.

In related financial developments, Molan Steel Company marked a significant milestone in December 2022 by trading a noteworthy sum of 532,414 ordinary shares on the Parallel Market, also known as Nomu, of the Saudi Exchange, Tadawul.

This came subsequent to the green light received from the Capital Market Authority (CMA) in September, paving the way for the company's listing.

Source: Mubasher

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