Solutions’ unit secures $84mln financing deal led by ADIB Egypt

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Riyadh – Giza Systems, a subsidiary of Arabian Internet and Telecommunication Services Company (solutions), obtained banking facilities valued at EGP 2.82 billion ($84 million) on 31 January 2024.

Giza Systems and its unit VAS secured the Sharia-compliant facilities deal with several banks, led by Abu Dhabi Islamic Bank – Egypt (ADIB Egypt) as the financial advisor, according to a bourse statement.

Bank ABC Egypt, Emirates NBD-Egypt, Arab Bank, ADCB Egypt, Crédit Agricole Egypt, Ahli United Bank–Egypt, and Al Baraka Bank-Egypt participated in the Egyptian pounds facilities tranche.

As for the US dollar facilities tranche, Bank ABC – Bahrain, Ahli United Bank – Bahrain (AUB Bahrain), and Abu Dhabi Commercial Bank (ADCB) led the transaction.

The combined loan includes a medium-term financing worth EGP 1.07 billion ($48 billion), with a tenor of five years. Meanwhile, the short-term banking facility is valid for one year and amounts to EGP 1.75 billion ($36 million).

The Tadawul-listed firm will offer a corporate guarantee for the financing, which will be used to support the growth, expansion, and development of its subsidiaries' business in the region.

Earlier in January, solutions and Saudi Telecom Company (stc) penned a SAR 120 million deal that covers offering bulk-SMS service.