Saudi Al Babtain inks $40mln agreement with Samba

The loan aims to covert a part of the short-term loans to medium-term loans

  
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 four-year credit facility agreement worth SAR 150 million with Samba Financial Group under the Murabaha system.

The loan aims to convert a part of the short-term loans to medium-term loans, which will lead to increasing the liquidity necessary to finance the company's future needs, according to the company's disclosure to the Saudi Stock Exchange (Tadawul).

It is noteworthy to mention that in January, the company has inked a loan agreement worth SAR 100 million with Saudi Investment Bank (SAIB) under the Murabaha system.

Source: Mubasher

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