Arabian Contracting Services Company has announced the signing of a long-term credit facility agreement (sharia compliance) with the Saudi Awwal Bank (SAB) amounting to SAR972 million ($259 million). 

 

The credit facility is for a 8-year period and its proceeds will be used for refinancing the acquisition loan to Faden Media, said Arabian Contracting Services in its filing to Saudi bourse Tadawul.

 

This is in alignment with the company’s strategy to reduce the finance cost and increase the profitability, it stated.

 

This also involves settling outstanding debts with other banks, said the company in its bourse filing.

 

Additionally, Arabian Contracting Services said it is focused on enhancing profitability and minimising costs, aligning with its strategic financial direction to ensure the company remains in a strong and effective position. 

 

This approach aims to achieve sustainable and long-term returns for its shareholders, it added.-TradeArabia News Service