stc subsidiary obtains SAR 5.5B Murabaha facilities from SNB, ANB

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Public Telecommunications Co. (Specialized), a subsidiary of Tadawul-listed stc, signed on Oct. 1 a Murabaha facility agreement for SAR 5.5 billion.

The Murabaha facility includes SAR 3.5 billion from Saudi National Bank (SNB) and SAR 2 billion from Arab National Bank (ANB), stc said in a statement to Tadawul.

The financing duration is 12 years and the amount is covered by a stc-issued corporate guarantee.

The amount will be used to fund the capital and operating expenditures for building, operating, and providing telecommunications infrastructure services, the statement added, noting that SNB is a related party.