solutions renews SAR 1.5B banking facility with SNB

Arabian Internet and Communications Services Co. (solutions) renewed its Shariah-compliant credit facility agreement with Saudi National Bank (SNB), valued at SAR 1.5 billion.

In a statement on Tadawul, solutions added that the facility is divided into a short-term credit line worth SAR 1 billion with a one-year tenor, and a utilized medium-term financing of SAR 500 million with a five-year maturity, starting from June 27, 2022.

The guarantees provided for the facilities include a promissory note, the company said.

It noted that the short-term credit facility was renewed to be used for issuing bank guarantees and letters of credit, and to remain available for working capital financing.

Meanwhile, the medium-term financing, utilized on June 27, 2022, was used to fund the acquisition of Giza Systems.

solutions also clarified that there are no related parties involved.