Mobily approves SAR 7.6 bln Murabaha refinancing deal with Saudi banks

Etihad Etisalat Co.’s (Mobily) shareholders approved yesterday the businesses and contracts signed with a group of Saudi banks during the fiscal year 2019, including a Murabaha refinancing agreement worth SAR 7.6 billion for 7 years.

With Riyad Bank acting as the agent, there is an indirect interest for 2 members on the board of directors, namely Eng. Abdullah Al-Issa who chairs the bank’s board and Eng. Motaz Al Azzawi who is a board member, the company said in a bourse statement.

The shareholders also approved contracts made with UAE's Etisalat Group (a major shareholder in Mobily) with regards to interconnection and roaming services.  

According to data compiled by Argaam, 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.