Ajeej Steel renews working capital facility with Bank Aljazira

Ajeej Steel Manufacturing Co. has renewed a SAR 50 million (USD 13.3 mln) Shariah-compliant banking facility with Bank Aljazira, its parent company National Building & Marketing Company announced in a stock exchange filing.

The financing has a duration of 120 days and will be used for working capital requirements. It is secured by a promissory note and liability and performance guarantees under the same terms and conditions previously approved by the bank.

Ajeej Steel has an annual production capacity of 150,000 tons per annum of billets through the induction furnace route.

1 USD / 3.75 SAR