Riyadh – Mubasher: Saudi Home Loans Company (SHL) obtained loans worth SAR 815 million from Arab National Bank (ANB) and Riyad Bank on 4 January 2023, according to bourse disclosures.
In the line with its strategic future plans, the firm will use the proceeds of the investments to enlarge its sales volume through newly originated loans to its customers.
The two facilities are guaranteed by promissory notes with the total value of the loans.
ANB
Saudi Home Loans secured a fixed-term tawarruq financing limit of SAR 500 million from ANB. In return, the company will grant receivables and related Sukuk to cover 105% of the balance of the funding.
Meanwhile, the Sharia-compliant facility deal carries a five-year duration period.
Riyad Bank
The Tadawul-listed firm also inked a banking facilities agreement with Riyad Bank at a combined value of SAR 315 million for three years.
Saudi Home Loans obtained tawaruq credit facility worth SAR 300 million, in addition to SAR 15 million which will be directed to treasury products.
For this loan, the company will transfer related Sukuk to cover 125% of the financing’s balance.
In the first nine months (9M) of 2022, Saudi Home Loans registered net profits worth SAR 80.04 million, down 3.68% year-on-year (YoY) from SAR 83.10 million.
