Tasnee Signs a “Murabaha” Term Facility of SAR 3 Billion
9/9/2019

 

 

 

 

Tasnee has signed a Murabaha term facility agreement with each of the Saudi British Bank (SABB) and Riyad Bank on Monday September 9, 2019. Accordingly, Tasnee obtains a 10-year financing amount of SAR 3 billion guaranteed by promissory notes on Muharram 10, 1441H corresponding to September 9, 2019. The loan is repayable in equal semi-annual installments with a final payment of SAR 1,195,000,000 upon final maturity at the end of the financing period.
The purpose of this agreement is to refinance the company’s existing facilities dated on October 2, 2013 and January 22, 2015. This agreement enables Tasnee to get more financial flexibility and helps it to expand and grow its business and projects in its search for promising investment opportunities that will increase its growth in petrochemical sector inside and outside Saudi Arabia. Tasnee’ s success in signing this agreement reflects the confidence of the banking sector and national banks in Tasnee capabilities, operational performance, financial strength and its ability to repay.