ZAWYA-SNG: Mayar Holding’s units pen $23.5mln financing with SAB

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Staff Writer

Gulf Elevators & Escalators Company and Jedaya Investment Company, subsidiaries of Mayar Holding Company, have signed facility agreements with Saudi Awwal Bank (SAB) at a total amount of SAR 87.98 million.

The units aim to reschedule existing short-term facilities and convert them into non-revolving long-term facilities compliant with Islamic Shariah principles, repayable in 30 quarterly installments, according to a bourse disclosure.

Before rescheduling, the facility will mature on 31 December 2025.

Meanwhile, it holds a tenor of seven and a half years, with the first installment due on 28 February 2026 and the last one due on 31 May 2033.

The financing includes real estate deeds, promissory notes, joint and several guarantees, and corporate guarantees.

In November, the company named Thamer Abdullah Mohammed Alrayes as its Chairman and Turki Abdullah Mohammed Alrayes as its Vice Chairman.

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