Saudi Electricity secures SAR 2.4 bln Murabaha loan from SAMBA

25/12/2018 Argaam

 

Saudi Electricity Co. (SEC) has inked a SAR 2.4 billion worth of a Murabaha loan facility agreement with SAMBA Financial Group (SAMBA), the Saudi utility provider said in a bourse filing today.

 

The unsecured loan facility has a tenor of five years and will be directed to finance the company’s corporate purposes and other capital expenditure.

 

Fahad Al-Sudairi, who works as an acting chief executive officer (CEO) of SEC and a board member of Samba, is a related party, the statement added.

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