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Mayar Holding Units Secure SAR88 Million Financing from Saudi Awwal Bank

MT Newswires·12/30/2025 00:30:24
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12:30 AM EST, 12/30/2025 (MT Newswires) -- Mayar Holding Co. (SASE:9568) said Tuesday that its subsidiaries, Gulf Elevators & Escalators Co. and Jedaya Investment Co., obtained two facilities worth 88 million Saudi riyals from Saudi Awwal Bank (SASE:1060). The Saudi Arabia-listed vertical transport device manufacturer will use the funding to refinance its existing short-term facilities and convert them into Shariah-compliant, non-revolving long-term financing. The facilities are set to mature on Dec. 31, 2025, prior to financing. Following the refinancing, they will be repayable in 30 quarterly installments, starting on Feb. 28, 2026, and ending on May 31, 2033.