Pan Gulf obtains SAR 70M credit facility from SAB

Pan Gulf Marketing Co. obtained SAR 70 million Shariah-compliant credit facilities from Saudi Awwal Bank (SAB), according to a statement to Tadawul.

The one-year financing, which involves no related parties, is secured by a promissory note and a corporate guarantee.

Pan Gulf will utilize the funds to issue all types of government and non-government guarantees, letters of credit, and finance working capital.