Logo ofArabian Internet and Communications Services Co. (solutions)
Arabian Internet and Communications Services Co. (solutions by stc) announced the renewal of its Shariah-compliant credit facility agreement with Saudi National Bank (SNB), valued at SAR 1.5 billion. 
In a statement on Tadawul, solutions added that the facility is divided into a short-term credit line worth SAR 1 billion with a one-year tenor, and a utilized medium-term financing of SAR 500 million with a five-year maturity, starting from June 27, 2022.
The guarantees provided for the facilities includes a promissory note, the company said.
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It noted that the short-term credit facility was renewed to be used for issuing bank guarantees and letters of credit, and to remain available for working capital financing. Meanwhile, the medium-term financing, utilized on June 27, 2022, was used to fund the acquisition of Giza Systems.
solutions also clarified that there are no related parties involved.
Logo ofArabian Internet and Communications Services Co. (solutions)
Arabian Internet and Communications Services Co. (solutions by stc) announced the renewal of its Shariah-compliant credit facility agreement with Saudi National Bank (SNB), valued at SAR 1.5 billion.
In a statement on Tadawul, solutions added that the facility is divided into a short-term credit line worth SAR 1 billion with a one-year tenor, and a utilized medium-term financing of SAR 500 million with a five-year maturity, starting from June 27, 2022.
The guarantees provided for the facilities includes a promissory note, the company said.
For more news on listed companies
It noted that the short-term credit facility was renewed to be used for issuing bank guarantees and letters of credit, and to remain available for working capital financing. Meanwhile, the medium-term financing, utilized on June 27, 2022, was used to fund the acquisition of Giza Systems.
solutions also clarified that there are no related parties involved.
