Saudi's NCLE pens $50.13mln bank facility agreement with SABB

The financing holds a tenor of up to 7 years, including a two-year grace period

Staff Writer, Mubasher

October 10, 2022

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Riyadh – The National Company for Learning and Education (NCLE) has signed a Shariah-compliant bank facility agreement worth SAR 188 million with Saudi British Bank (SABB).

The financing holds a tenor of up to 7 years, including a two-year grace period, according to a stock exchange statement on Sunday.

NCLE will use the loan to finance acquisitions, purchase assets, and construction works. Moreover, the loan is guaranteed by a promissory note equivalent to the facility value and real estate collateral.

During the first half (H1) of 2022, SABB registered net profits worth SAR 2.08 billion, an annual increase of 10.43% from SAR 1.88 billion.

Earnings per share (EPS) stood at SAR 1.02 in H1-22, compared to SAR 0.92 in H1-21.

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