Sinad signs SAR 400M agreement to renew, upsize bank facilities with SAIB

Sinad Holding Co. signed a SAR 400 million Shariah-compliant bank facility agreement with Saudi Investment Bank (SAIB), renewing and upsizing its existing financing, the company said in a statement to Tadawul.

The deal includes the renewal of a SAR 200 million short-term facility, available on demand, and an additional SAR 200 million in medium-term financing, also available on demand.

The facility was secured on May 20, and will mature on Sept. 30, with annual renewal, the statement said. A promissory note and pledged shares were provided as collateral.

Proceeds from the facility will be used to support short-term working capital and medium-term investment needs. No related parties are involved in the deal, the statement added.