|26 January, 2020

Saudi Al Babtain inks $26.66mln loan deal with SAIB

Al Babtain's loan agreement has a tenor of three years

Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.

Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.

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Riyadh – Al Babtain Power and Telecommunication company has signed a SAR 100 million medium-term credit facility agreement with Saudi Investment Bank (SAIB) under the murabaha system.

The three-year loan, which will be paid through monthly instalments, is effective on 23 January 2020, according to the company’s disclosure to the Saudi Stock Exchange (Tadawul) on Sunday.

The company referred that the credit facility aims to convert a part of short-term loans into medium-term loans to increase the liquidity required to finance the company's future needs.

The financial impact will reflect on the company’s cash inflows in the first half of 2020 and the coming years.

Source: Mubasher

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