Riyadh – Mubasher: The Saudi Electricity Company (SEC) on Thursday signed a SAR 9.75 billion ($2.6 billion) international bridge syndicated loan agreement.

The one-year maturity loan will be repaid on one tranche, according to a statement to the Saudi Stock Exchange (Tadawul).

The state-controlled utility obtained the facility through Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, Bank of Tokyo-Mitsubishi UFJ, LTD, NATIXIS, Mizuho Bank, HSBC, Citibank, and First Abu Dhabi Bank.

“The facility is unsecured and will be used to finance SECs diverse general corporate purposes including capital expenditure,” the statement added.

SEC’s stock edges up 0.4%, closing Thursday at SAR 21.