Saudi Ceramics secures SAR 592 mln Murabaha financing from SABB, BSF

15/07/2021 Argaam

A Saudi Ceramics branch

Saudi Ceramic Co. (Saudi Ceramics) signed, today, July 15, SAR 592 million Murabaha financing agreements with Banque Saudi Fransi (BSF) and Saudi British Bank (SABB), the company said in a bourse statement.

 

The five-year financing will be repaid on a quarterly basis in 20 installments, the company said in a bourse statement.

 

The financing agreements do not include any mortgages or financial guarantees.

 

The ceramics and tile producer will use the facility to refinance existing loans, reduce interest costs, and meet the company’s future funding needs.

 

There are no related parties to the agreement, the statement added.

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