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ADES International expands credit facilities

It shows Alinma Bank's continued confidence in the group and its strategy, said chief executive Mohamed Farouk.
oil and gas operations
It supports the contractor's business strategy

ADES International Holding PLC (LON:ADES) told investors it has expanded its credit facilities with Alinma Bank, a Saudi Arabia based financial institution.

It has secured an additional USS$144mln top-up to its prior US$140mln facility. The total approved facility now stands at US$284mln, and, some US$140mln has been utilised.

READ: ADES International expects big revenue boost

The company noted that the additional facility provides liquidity and will be used for capital spending, according to the group’s business strategy.

"We are very pleased to be continuing our relationship with Alinma Bank and signing this flexible facility, which demonstrates continued confidence in the group and our strategy,” said Mohamed Farouk, ADES chief executive.

“The first debt arrangement was important in realizing our strategic acquisitions in KSA last year, whereas the new facility will further enhance our strong cash position and optimise the cost of funding for our business activities."

 

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