The Middle East Specialised Cables Company (MESC), a leading manufacturer and supplier of specialised cables based in Saudi Arabia, has announced that it has obtained sharia-compliant funding worth SAR110 million ($29.3 million) from the UAE's Emirates Islamic Bank.
The financing will be completed by January 21 next year, said Middle East Specialised Cables Company in its filing to Saudi bourse Tadawul.
The guarantees offered for the financing include promissory note amounting to AED110 million, pledge over bank accounts, and assignment of receivables, it added.-TradeArabia News Service
