Riyadh – Mubasher: SHL Finance Company secured SAR 2.09 billion in financing from the Arab National Bank (ANB) on 2 October 2023.
In line with its growth strategy and future vision, the company will use the proceeds of the facility to expand and increase the sales volume, according to a bourse filing.
The two parties inked the Sharia-compliant facility agreement on 2 October 2023, with a duration period until 30 April 2024.
The financing deal is secured by a promissory note with the amount of the total loan limit as well as the assignment of receivables to cover 105% of the outstanding balance of the facilities.
In January-March 2023, SHL Finance posted 92.44% lower net profits at SAR 2.44 million, compared to SAR 32.35 million during the same period in 2022.
