Riyadh – Mubasher: Saudi Arabia-based, National Industrialization Company (Tasnee) signed on Wednesday, 25 October, syndicated murabaha facility agreement at a value of SAR 2.93 billion ($781 million) with eight banks.

The eight banks are: Riyad Bank, the Saudi British Bank (SABB), Al Rajhi Bank, Emirates NBD, Bank Albilad, Samba Financial Group, Banque Saudi Fransi (BSF), and Saudi Investment Bank.

The firm signed another murabaha facility deal with Riyad Bank and SABB at a value of SAR 981.8 million, according to a statement on Thursday to the Saudi Stock Exchange (Tadawul).

The contract aims to refinance the Kingdom-based firm existing facilities, and decrease the principal instalments in the early years which will boost the company’s inflows during the coming period.

The last instalment maturity date is in the first quarter of 2024, compared to Q4-21 before the refinancing, and the facility includes promissory notes as a security.

On Wednesday, Tasnee’s CEO, , Mutlaq Al Morished stated that the company’s reached SAR 24 billion, and it will be decreased by SAR 7 billion to reach SAR 17 billion in the coming period.