Saudi-based Middle East Specialised Cables Company (MESC) has announced that it has signed an addendum to a credit facilities agreement with Al Inmaa Bank, thus increasing the total facility to SAR250 million ($66.7 million) from SAR150 million ($40 million).

The amended facility will run until August 31, 2028, said MESC in its filing to Saudi bourse Taadawul.

MESC said this financing will be used to support working capital requirements and to issue bank guarantees, including performance guarantees.

The company has provided promissory notes worth SAR275 million as collateral for the facilities. 

The addendum was signed on February 17 with activation of the increased facility taking effect this month.- TradeArabia News Service