Tasnee inks SAR 1.2 bln Islamic loan with Riyad Bank, SABB

22/01/2015 Argaam

The National Industrialization Co. (Tasnee) signed on Thursday an Islamic Murabaha finance agreement worth SAR 1.2 billion with Riyad Bank and Saudi British Bank (SABB). 

 

The agreement, guaranteed by promissory notes, has a competitive floating-rate Murabaha structure. 

 

The facility has a five-year term with a 365-day grace period with an option for a one-year extension. Payment will be in equal biannual installments with an order note guarantee, the company said in a statement to Tadawul, Saudi Arabia’s bourse.

 

Tasnee will use the loan proceeds to partially finance acquisition of more stakes in the National Titanium Dioxide Company Ltd. (Cristal).

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