SEC signs SAR 16B credit facility deal

04:28 PM (Mecca time) Argaam
Saudi Electricity Co. headquarters

Saudi Electricity Co. headquarters

Saudi Electricity Co. (SEC) signed today, Feb. 11, a Shariah-compliant Murabaha credit facility agreement worth SAR 16 billion.

 

In a statement to Tadawul, the company said the financing was provided by Saudi National Bank (SNB), Al Rajhi Bank, Saudi Awwal Bank (SAB), Banque Saudi Fransi (BSF), Arab National Bank (ANB), Riyad Bank, and Qatar International Islamic Bank (QIIB).

 

The company added that the the three-year financing is extendable based on the terms of the agreement and will be used to refinance existing debt under its current Murabaha facilities, noting that SNB is considered a related party.

 

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