NATPET signs a SAR 1bn Islamic credit agreement

05/09/2013 Argaam

NATPET(Alujain affiliated company) signed a SAR 1bn Islamic credit agreement with BSF, NCB and SAMBA financial group as announced today by Alugain co. on tadawul.

 

Thiscredit agreementis to be fully repaid on semiannual installment by 31/12/2021.

 

The proceeds will be used pay off an outstanding SAR 974m Islamic bridge loan; the remaining amount of SAR 26m is to be added to working capital.

 

NATBET shares owned by Alujain and other shareholders will be used as collateral for this credit.

 

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