Ataa unit secures SAR 70 mln Murabaha facility from BSF

logo of Ataa Educational Co.

Ataa Educational Co.’s subsidiary, Al Wasat National Schools for Education and Training, signed a Sharia-compliant Murabaha financing agreement with Banque Saudi Fransi (BSF) at a total value of SAR 70 million, according to a statement to Tadawul.

 

The seven-year facility will be used to finance the construction of an educational complex in Riyadh.

 

The facility was guaranteed by a promissory note, a corporate guarantee, and a personal guarantee.

 

The deal included no related parties, the statement added.

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