Tasnee inks SAR 3 bln Murabaha deal with SABB, Riyad Bank

National Industrialization Co. (Tasnee) has inked a Murabaha facility agreement with Saudi British Bank (SABB) and Riyad Bank at a total value of SAR 3 billion, the company said in a bourse statement on Monday.

The ten-year facility, secured by a promissory note, will be used in refinancing the company’s outstanding facilities obtained on Oct. 2, 2013 and Jan. 22, 2015.

The new financing will be paid in equal semi-annual instalments, with a final payment of SAR 1.19 billion at the end of the loan term, Tasnee added, noting that no related parties are involved in the deal.

In October 2013, the industrial company secured a syndicated Murabaha loan worth SAR 4 billion from Riyad Bank, Al Rajhi Bank, Bank Albilad, Emirates NBD, SABB, Samba Financial Group, Banque Saudi Fransi, Saudi Investment Bank and (SAIB), Argaam reported.

Tasnee also signed in January 2015 a Murabaha finance agreement worth SAR 1.2 billion with Riyad Bank and SABB.