Tasnee inks SAR 2 bln murabaha facility to refinance sukuk

02/01/2019 Argaam

 

National Industrialization Co. (Tasnee) on Wednesday has signed a SAR 2 billion Murabaha loan agreement with Banque Saudi Fransi, the company said in a bourse statement.

 

The seven-year facility, covered by a promissory note, will be used to refinance the company’s SAR 2 billion worth of sukuk maturing on May 21, 2019.

 

The facility will be repaid in lump sum upon maturity date, the statement added.

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