Takween Advanced secures SAR 1.3 bln Murabaha loan

11/03/2015 Argaam
Takween Advanced Industries Co. has signed today a seven-year financing agreement with Arab National Bank, Samba Financial Group, and Bank Al Bilad to obtain a SAR 1.3 billion sharia-compliant syndicated loan.
 
Takween said in a bourse statement that SAR 910 million will go for the acquisition of Savola Packaging Systems, while SAR 390 million will be directed to finance working capital requirements. The relevant regulatory procedures are being finalized.  
 
The loan will be repaid in six years, in addition to a one-year grace period. 
 
Takween will pay the purchase price of acquisition and repay  the outstanding loans of Savola Packaging Systems and its subsidiaries.
 
The loan was secured by pledging shares in Savola packaging, its subsidiaries, in addition to a promissory note and a corporate guarantee by Al-Othman Holding Co.

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