solutions signs SAR 500M credit facility deal with SAB

Arabian Internet and Communications Services Co. (solutions) signed a Shariah-compliant credit facility agreement with Saudi Awwal Bank (SAB) for SAR 500 million, according to a statement to Tadawul.

The telecom operator obtained the financing on Sept. 18, with a one-year tenor.

The facility was secured by a promissory note and will be used to finance bank guarantees and letters of credit to fulfill the requirements of the working capital.

There are no related parties involved, the statement added.