Arabian Internet and Communications Services Company (solutions) has renewed its Islamic Shariah-complaint credit facilities agreement for a total of 1.5 billion riyals ($400 million) with Saudi National Bank (SNB).

The renewed agreement includes:

Short-term banking facilities amounting to SAR 1 billion, with a one-year tenor, designated for issuing letters of credit (LC) and letters of guarantee (LG), and to support the company’s working capital needs.

Medium-term financing of SAR 500 million, with a five-year maturity originally utilised on June 27, 2022, to fund the strategic acquisition of Giza Systems Company.

The facilities are secured by a promissory note, a filing on Riyadh bourse showed on Monday.