Zain Saudi Arabia: Refinancing the joint murabaha amounting to 3.85 billion...

On September 27, 2020, the Saudi Mobile Telecommunications Company (Zain Saudi Arabia) managed to sign an agreement to reschedule the joint murabaha financing amounting to 3.85 billion riyals out of 5.9 billion riyals due in 2023 and up to 2025 with a total value of 6 billion riyals and a grace period from the repayment of the principal Its period is two years from the date of refinancing, with better commercial terms. In addition, this agreement includes working capital facilities worth 1 billion riyals, which was 647 million riyals in 2018 until 2025, which will provide additional liquidity to finance the company’s business growth plans.
The company said that on 9/30/2020 it will only withdraw the value of the outstanding amount from the murabaha financing of 3.85 billion riyals, and the rest of the amount will be withdrawn in installments in line with the company’s plans (including the payment of payments owed to the Ministry of Finance starting from the year 2021).
The company said that the banks participating in this financing are Al-Rajhi Bank, Arab National Bank, Saudi Fransi Bank, National Bank of Kuwait, Samba Financial Group, Bank Al-Jazira, Gulf International Bank, Credit Agricole Bank.
The company also announced 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.
Zain Saudi Arabia said that this preferential long-term extension comes after fruitful discussions with Islamic and conventional banking institutions at the local, regional and international levels. This refinancing shows the confidence of Saudi and international banks in the financial strength of the company. The rescheduled murabaha financing is important in reducing the cost of debt, improving financial performance, and the profitability of the company.

These were the details of the news Zain Saudi Arabia: Refinancing the joint murabaha amounting to 3.85 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.

It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV From sand dunes to melting glaciers, Saudi Arabia’s Princess Abeer shares lessons from her Antarctic expedition
NEXT Saudi deputy FM, UK minister discuss travel scheme for Saudi visitors