Shutterstock/ Mila Supinskaya Glashchenko
The Kingdom’s second-largest industrial group agreed on the Murabahah facility to refinance its Sukuk which matures in May.
Thursday 03, January 2019 BY KUDAKWASHE MUZORIWA
Saudi-based industrial group Tasnee has secured a SAR 2 billion ($532.4 million) credit facility from Banque Saudi Fransi to refinance an existing Sukuk.
In a bourse filing, Tasnee stated that the tenor of the new facility is seven years.
The facility is repayable in one instalment on the final maturity date at the end of the tenor and includes a number of conditions precedent for drawing down the facility.