RIYADH: The Saudi East Pipes Integrated Co. for Industry has obtained Shariah-compliant financing worth SR500 million ($133 million) from Arab National Bank.
Proceeds will be used to “finance the working capital of one of the company’s projects,” the Dammam-based firm said in a bourse filing.
The company, which joined the Saudi stock exchange earlier this year, was established in 2010 and specializes in manufacturing steel pipes.
Ahead of the listing, the pipes manufacturer had raised SR504 million of proceeds from an initial public offering.
