Saudi's Takween announces early resettlement of $55.86mln loan

The loan repayment duration of the original facility was seven years

  
A bundle of 500 and 100 Riyal banknotes in Saudi Arabia.  Image used for illustrative purpose.

A bundle of 500 and 100 Riyal banknotes in Saudi Arabia.  Image used for illustrative purpose.

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Riyadh –  Takween Advanced Industries Company announced early repayment of SAR 208.5 million from a Murabaha credit facility, according to a bourse filing on Thursday.

The original Murabaha agreement was valued at SAR 1.3 billion as signed on 11 March 2015 with a consortium of banks, namely Arab National Bank, Samba Financial Group, and Bank Albilad.

A rescheduling agreement was signed on 11 May 2020 for an amount of SAR 429.4 million.

The loan repayment duration of the original facility was seven years until 11 September 2021, yet after rescheduling the debt it currently stands at three years from 12 September 2021 to 11 September 2024.

Source: Mubasher

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