Riyadh – Mubasher: The Saudi Telecom Company (STC) obtained a MYR 1.51 billion ($378.5 million) Islamic loan through its Malaysian subsidiary.

STC will use the loan for refinancing the existing debt that was used originally to take over a stake in Maxis, the Malaysian phone company, Reuters reported, citing sources as saying.

STC owns a 25% stake in Binariang GSM Holdings through its unit.

Binariang GSM Holdings owns a controlling stake in Maxis.

STC’s subsidiary named Bank of Tokyo-Mitsubishi UFJ (Malaysia), HSBC Amanah Malaysia, and Standard Chartered Bank Saadiq to arrange the transaction.

Tokyo-Mitsubishi UFJ (Malaysia) bank will be the investment agent of the deal to manage the cash flows of the facility and to execute the commodity murabaha transactions.