East Pipes signs SAR 285 m credit facility with SABB

East Pipes Integrated Company for Industry signed a Shariah-compliant credit facility agreement at a total value of SAR 285 million with Saudi British Bank (SABB).

The one-year facility was secured on March 28 and is guaranteed by a SAR 285 million promissory note.

East Pipes will use the loan to finance the working capital of a project, the company added, affirming that there are no related parties to the agreement.

The company also clarified that it obtained the financing by guaranteeing a bond for the bank order worth 285,000 SAR, emphasizing that there are no parties related to the agreement.