Al-Babtain secures SAR 200m bank facilities from Saudi Hollandi Bank

27/05/2014 Argaam

Al-Babtain Power and Telecommunication Company signed SAR 200m Islamic bank facility agreement with the Saudi Hollandi Bank.

The Islamic credit has a term of 4 years effective June 1, 2014 and is covered by the company’s existing projects; the company said in its filing to Tadawul today.

The agreement aims at restructuring outstanding short term debts into long term debts which will raise the liquidity needed to finance the company’s future needs; the company added.

The financial effect of this agreement is to be realized on the company’s cash flow starting from H2-2014.

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