Zain reschedules financing with 8 banks, amounting to 6 billion

Zain reschedules financing with 8 banks, amounting to 6 billion
Zain reschedules financing with 8 banks, amounting to 6 billion
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Saudi – By Ayman Al-Washwash – The Saudi Mobile Telecommunications Company “Zain Saudi Arabia” signed an agreement to reschedule the joint murabaha financing amounting to 3.85 billion riyals (out of 5.9 billion riyals due in 2023) until 2025 with a total value of 6 billion riyals and a grace period from the payment of the principal The financing period is two years from the date of refinancing, with better commercial terms.The company clarified in a statement on Tadawul that the banks participating in this financing are “Al-Rajhi Bank”, “Arab National”, “Saudi Fransi”, “National Bank of Kuwait”, “Samba Financial Group”, “Al-Jazira Bank” and “Gulf International.” And Credit Agricole Bank.

She indicated that the agreement includes working capital facilities worth one billion riyals (which was 647 million riyals in 2018) until 2025, which will provide additional liquidity to finance the company’s business growth plans.

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It stated that on September 30, 2020, the company will only withdraw the value of the existing amount from the Murabaha financing (3.85 billion riyals) and the rest of the amount will be withdrawn in installments in line with the company’s plans (including the payment of payments owed to the Ministry of Finance starting from 2021).

It stated that these facilities are partially secured by a guarantee given by the Mobile Communications Company K.S.C.P and mortgage of some of the company’s shares owned by some of the founding shareholders in addition to the pledge of some contracts and receivables.

She indicated that this preferential long-term extension came after fruitful discussions with Islamic and traditional banking institutions at the local, regional and international levels. This refinancing shows the confidence of Saudi and international banks in the financial strength of Zain Saudi Arabia, and its merit and ability to fulfill its financial obligations. The rescheduled murabaha financing is important in reducing the cost of debt, improving financial performance, and the profitability of the company.

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These were the details of the news Zain reschedules financing with 8 banks, amounting to 6 billion for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

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