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SHL

17 June, 2025 15:36

SHL Finance Company Announces the signing of Sharia compliant Credit Facility limit to Quara Finance Company (Related party)

Element ListExplanation
Announcement Detail SHL Finance Company announces the signing of a Sharia-compliant Credit Facility Agreement and Financing Guarantees (Collateral) Agreement with Quara Finance Company, pursuant to which financing will be granted to Quara Finance Company in an amount up to 100 million Saudi Riyals to be used by Quara Finance Company for financing purposes for its customers. Since the financing referred to relates to financing a related party and exceeds 1% of SHL Finance Company's total revenues, according to the audited financial statements for the fiscal year ending December 31, 2024, SHL Finance Company discloses the following to the public: - 1- Mr. Yousef bin Abdullah Al-Shalash, Chairman of the Board of Directors of SHL Finance Company, is a related party, as he owns 5.6% of SHL Finance Company's shares and 30.39% of Quara Finance Company's shares through his 95% ownership of Al-Mawarid Al-Ula Real Estate Company. 2- The indirect financial interest expected to accrue to the related party through this transaction is the indirect benefit of Quara Finance obtaining financial facilities to finance its customers. SHL Finance also confirms that this transaction was conducted on a commercial basis and in the normal course of SHL Finance's business of financing small and medium-sized enterprises (SMEs), after obtaining adequate guarantees and collaterals in accordance with the company's Credit Policy.

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