Tasnee shareholders to vote on BSF credit facilities on May 5

National Industrialization Co.’s (Tasnee) shareholders will vote on the business transactions and contracts signed with Banque Saudi Fransi (BSF) during the ordinary general meeting (OGM) that will be held on May 5, 2020.

Shareholders will discuss a SAR 150 million credit facility agreement with BSF, and the Sukuk refinancing agreement worth SAR 2 billion, according to a bourse filing on Tuesday.

The Saudi-based firm noted that Talal Ibrahim Al-Maiman has an indirect interest, as he holds board membership in both Tasnee and BSF.

In addition, shareholders will discuss the business transactions and contracts concluded between Tasnee’s subsidiary, Saudi Ethylene and Polyethylene Co. (SEPC), and the Converting Industries Co. (Tahwelya), an affiliate of Al Shaer Industrial Trading and Contracting Company.

The transactions were concluded in FY 2019 and include various purchase orders of polyethylene and polypropylene materials worth SAR 24.4 million.

Tasnee noted that board member Talal Ibrahim Al-Maiman has a direct interest in these contracts.