“Misk” obtains facilities from Mashreq Bank amounting to 91 million UAE dirhams
Yesterday, the Middle East Specialized Cables Company (Misk) obtained Sharia-compliant banking facilities for its subsidiary, the Middle East Specialized Cables Company LLC, from Mashreq Bank in the United Arab Emirates.
The company said in a statement on its website "Saudi Arabia trading"The value of the financing is 91 million dirhams, while the duration of the financing is until next March 31.
She added that the guarantees provided in exchange for the financing: a promissory note worth 91 million UAE dirhams, a waiver of insurance proceeds, and a mortgage on some factory assets and machinery in exchange for long-term loan facilities worth 20 million UAE dirhams.
She explained that the purpose of the facilities is: financing working capital and issuing bank guarantees. (Guarantees of proper performance and guarantees of payments received in advance) and financing of capital expenditures for plant and machinery.
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