Saudi's Al Babtain Power signs $66.66mln medium-term banking facilities

The company will restructure part of short-term finances

Image used for illustrative purpose.

Image used for illustrative purpose.

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Riyadh –  Al Babtain Power and Telecommunication Company has inked a medium-term banking facilities agreement worth SAR 250 million with Al Rajhi Bank through Islamic Murabaha finance.

Through the four-year bank financing, the company will restructure part of short-term finances and transfer it to medium-term finances to raise the cash flow to fund the company's needs, according to a recent bourse filing.

The guarantees offered for the financing are SAR 282 million order notes.

It is noteworthy to mention that in the first half (H1) of 2021, the company registered a decrease of 15.5% in net profits after Zakat and tax to SAR 31 million from SAR 36.7 million in H1-20.

Source: Mubasher

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