Saudi Industrial Services Company (Sisco) has announced that its subsidiary Saudi Trade and Export Development Company (LogiPoint) has secured a SR290 million ($77.1 million) loan facility from National Bank of Kuwait (NBK).

 

Of this total value, SR280 million will be the loan facility and SR10 million the guarantees facility, stated Sisco in its filing to the Saudi bourse. The financing will be for a duration of 8.5 years.

 

The facility is priced at 3 months SAIBOR + margin p.a., to be repaid by LogiPoint in quarterly instalments, it stated.

 

According to Sisco, the loan will be used for financing its expansion plans including the doubling of the warehousing facility, which currently has a capacity of 73,000 sq m, as well as towards the development of infrastructure works at the new logistics park in Al Khomra.-TradeArabia News Service