stc’s TAWAL secures SAR 3.75B financing from Saudi banks

13/12/2023 Argaam

stc’s TAWAL secures SAR 3.75B financing from Saudi banks

Logo of Telecommunications Towers Co. (TAWAL)

stc’s subsidiary Telecommunications Towers Co. (TAWAL) signed, on Dec. 12, Murabaha financing agreements with Saudi National Bank (SNB) and Saudi Awwal Bank (SAB) for SAR 2 billion and SAR 1.75 billion, respectively.

 

The 18-month financing is covered by a promissory note by TAWAL for the full amount, stc said in a statement to Tadawul.

 

The credit is intended to go towards refinancing the shareholders loan extended by stc to TAWAL.

 

There is a related party to SNB’s Shariah-compliant Murabaha financing agreement, in which Yazeed Alhumied has an indirect interest as he serves on the boards of both stc and SNB, the telecom operator noted. 

 

Furthermore, the Public Investment Fund (PIF) is a major shareholder in stc and SNB, the statement added.

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