Riyadh – Mubasher: Elegant Centers, a subsidiary of Al Baha Investment and Development Company, has obtained a Sharia-compliant facility loan worth SAR 65 million from Arab National Bank (ANB).
The funding will enable the company to support its expansion plans, according to a bourse filing on Sunday.
Meanwhile, the loan is guaranteed by a promissory note, in addition to a mortgage of Al Malaz and Al Hazm complexes, owned by Elegant Centers.
The listed company noted that the financing’s duration is 6.5 years, including a six-month grace period.
In 2020, Al Baha's unit sealed a SAR 31.19 million lease deal with Tamimi Markets Company.
