Saudi- Marafiq signs SR2.5bn loan
(MENAFN- Arab News) DUBAI: Marafiq a utility services provider to two industrial cities in Saudi Arabia has signed a SR2.5 billion ($666.1 million) Islamic loan which will partly be used to expand capacities in its existing projects it said in a statement on Wednesday.
The new long-term facility was arranged by HSBC's Saudi Arabian arm the statement said without revealing the tenor and pricing of the transaction. The company which counts Saudi Basic Industries Corp. and Saudi Aramco as shareholders will use the murabaha-structured facility for capacity expansion plans in different projects located in Jubail and Yanbu. A murabaha is a cost-plus-profit arrangement which is one of the most popular formats for structuring Islamic loans. Al-Rajhi Bank National Commercial Bank Riyad Bank Samba Financial Group and Saudi British Bank joined the facility the statement said.
Marafiq's last fundraising was its debut SR2.5 billion sukuk in 2013 and its previous syndicated murabaha facility transaction was for SR4.5 billion which completed in 2012.
The new long-term facility was arranged by HSBC's Saudi Arabian arm the statement said without revealing the tenor and pricing of the transaction. The company which counts Saudi Basic Industries Corp. and Saudi Aramco as shareholders will use the murabaha-structured facility for capacity expansion plans in different projects located in Jubail and Yanbu. A murabaha is a cost-plus-profit arrangement which is one of the most popular formats for structuring Islamic loans. Al-Rajhi Bank National Commercial Bank Riyad Bank Samba Financial Group and Saudi British Bank joined the facility the statement said.
Marafiq's last fundraising was its debut SR2.5 billion sukuk in 2013 and its previous syndicated murabaha facility transaction was for SR4.5 billion which completed in 2012.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment