Saudi's MESC unit secures $33mln loan from First Abu Dhabi Bank
The loan was obtained by Middle East Specialized Cables Company (MESC) LLC, the company stated in a press release to the Saudi Stock Exchange on Wednesday.
The facility is planned to finance working capital and provide bank guarantees, including performance and advance payment, as well as to fund capital expenditures for plant and machinery.
The credit facility, which is valid until May 31, 2026, is secured by a promissory note worth AED 120 million, an assignment of insurance proceeds, and a pledge over plant & machinery.
In April, MESC signed a Sharia-compliant facility deal worth SAR 140 million with Riyad Bank.
(Editing by Seban Scaria seban.scaria@lseg.com)
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