Mobily general assembly to discuss SAR 7.6 bln Murabaha deal with Saudi banks on April 13

Etihad Etisalat Co. (Mobily) invited shareholders to attend the ordinary general assembly meeting that will be held on April 13, 2020 through Tadawulaty system, to vote on a number of deals signed with different banks and companies.

The company said in a statement to Tadawul that shareholders will discuss and vote on the signing of a SAR 7.6 billion refinancing Murabaha facility agreement in 2019 for a period of 7 years with a group of Saudi banks which includes Riyad bank (Agent).

This is because of an indirect interest for the board members, namely Abdullah Al-Issa who chairs Riyad Bank board and Motaz Al Azzawi who is a board member of Riyad Bank, the statement added.

Shareholders will also vote on the contracts made with Emirates Telecommunications Group Company (a main shareholder in Mobily).

In Dec. 2019, Mobily signed a SAR 7.6 billion refinancing Murabaha facility agreement with a group of Saudi banks, namely Riyad Bank, Arab National Bank, Banque Saudi Fransi, Saudi British Bank, and SAMBA Financial Group, Argaam reported.