Al Babtain signs SAR 300 mln finance deal with Banque Saudi Fransi

11/10/2021 Argaam

Logo of Al-Babtain Power and Telecommunication Co.

Al Babtain Power and Telecommunication Co. signed today, Oct. 11, a medium-term Murabaha finance agreement worth SAR 300 million with Banque Saudi Fransi, the company said in a bourse filing.

 

The five-year facility is guaranteed by order notes at a value of SAR 309 million, the company added.

 

It also said that the agreement is aimed to restructure a part of its short-term loans and transfer it to medium-term loans, which will reflect on increasing the necessary cash flow to finance the company's needs.

 

There are no related parties in this transaction, the company said.

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