A Nadec subsidiary secures SAR 1.11 bn financing: Al Ra’i National Livestock — a subsidiary of National Agricultural Development Company (Nadec) — lined up a SAR 1.11 bn financing agreement with the Agricultural Development Fund (ADF), Nadec said in a filing to Tadawul.

The details: The financing has a 15-year tenor, including a three-year grace period. Nadec mortgaged a land it owns in the Wadi Al Dawasir region to back up the loan, in addition to undisclosed guarantees by other partners “proportional to their ownership stakes,” the disclosure read.

Where will the money go? The company will use the facility to finance a large-scale livestock project in the city of Ḥaʼil. The project will focus on breeding sheep and goats, as well as meat production.

IN CONTEXT- Nadec has been ramping up efforts to localize red meat production. Earlier this month, Nadec inked a 10-year agreement with UK-based Hilton Foods to process and package red meat here at home under a new JV. The company also partnered with United Feed last year to set up a JV for livestock and meat production.

IN OTHER DEBT NEWS-

Cenomi Centers is set to issue up to SAR 3.75 bn in sukuk after it lined up shareholders’ approval for the move, it said in a disclosure to Tadawul. No further details were disclosed.

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