Riyadh – Mubasher: Alwasail Industrial Company obtained a SAR 34.90 million loan from the Saudi Industrial Development Fund (SIDF) on 23 October 2022.
Upon the financing agreement, the loan will be repaid in 13 unequal and semi-annual instalments over a seven-year period, according to a recent bourse filing.
Alwasail will use the credit facility to endorse the development of infrastructure for polyethylene pipeline manufacturing. The company will also replace some production lines, provide new industrial technologies, and purchase machines.
Through the loan, the manufacturer aims to expand production capacity and enhance the quality of products in its factories in the first industrial city of Buraidah.
The funding is secured by plant assets as well as a promissory note in favour of SIDF.
The Saudi listed firm pointed out that it will disclose any further development regarding the facility agreement according to related regulations and instructions.
Last June, Alwasail bought a factory valued at SAR 4.80 million in the Industrial Area of Ras Al Khaimah in the UAE.
