Saudi Arabia-based Middle East Specialized Cables Co. (MESC) said MESC for Medium and High Voltage Cables (in which Saudi MESC owns a 57.5% direct stake and an 11.64% indirect equity) and Middle East Specialized Cables Jordan (MESC-Jordan) (in which Saudi MESC owns a 49% stake) have signed on October 12 banking syndicated agreements with some Jordan-based lenders - The Housing Bank for Trade & Finance, Jordan Kuwait Bank, Capital Bank of Jordan and Jordan Commercial Bank.
The agreement is to roll over the subsidiaries’ loans reaching SAR 354.9 thousand for eight years according to the applicable rules and regulations.
This deal aims to refinance the current loans and the subsidiaries’ business activities, thus improving their positions.
The company has not submitted any guarantees in this regard.