Saudi Ground Services signs $133.3mln murabaha with Saudi British Bank

The credit facility duration is 30 months

  

The Saudi Ground Services Company (SGS) has signed a 500 million Saudi riyals ($133.3 million) murabaha financing agreement with the Saudi British Bank.

The credit facility duration is 30 months and the purpose of the loan is to support cash liquidity to cover the working capital required for operational operations, the kingdom’s aviation ground handling services company said in a statement on Tadawul.

“The loan would provide the required agility to reduce the impact of the pandemic on funding the working capital requirements while continuing with the strategic initiatives to grow the company and elevate the services,” the statement said.

(Writing by Gerard Aoun; editing by Seban Scaria)

(gerard.aoun@refinitiv.com)

#SAUDI #FINANCIALSERVICES #BANKING 

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2020