Riyadh – Mubasher: Ataa Educational Company has signed a Shariah-compliant agreement with Riyad Bank to obtain facilities worth SAR 278.25 million.

The loan duration stands at 10 years from the date of signing the deal on 6 July 2021, according to a bourse filing on Wednesday.

Ataa Educational intends to finance the company’s future expansion plans in addition to funding the working capital.

Last month, the firm penned a Murabaha financing agreement worth SAR 125 million with the Saudi Investment Bank (SAIB) to reschedule a number of existing loans.