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SEC to secure SAR 15.2bn loan from 6 lenders

SEC to secure SAR 15.2bn loan from 6 lenders
The loan will be used for meeting various business purposes, including raising capital.
SAMBA
1090
4.62% 38.50 1.70
SAUDI ELECTRICITY
5110
11.75% 19.78 2.08
SAB
1060
18.57% 41.50 6.50

Default Company
1050.B
0.00% 0.00 0.00
Default Company
1180.O
0.00% 0.00 0.00
Default Company
1080.O
0.00% 0.00 0.00

Riyadh– Mubasher: The Saudi Electricity Company (SEC) said it will sign on Wednesday a SAR 15.2 billion seven-year murabaha syndication facility agreement.

The state-run utility will sign the loan with six lenders, namely Arab National Bank, Al-Rajhi Banking & Investment Corporation, Banque Saudi Fransi (BSF), Samba Financial Group, the National Commercial Bank (NCB), and the Saudi British Bank (SABB), according to a statement to the Saudi Stock Exchange (Tadawul).

The SEC further noted that the loan will be used for meeting various business purposes, including raising capital.

The Saudi electric utility last reported a 32% year-on-year decline in net losses during the fourth quarter of 2018, reaching SAR 3.77 billion after calculating Zakat and Tax, down from SAR 5.52 billion during Q4-17.

Earnings plunged 74% for the full fiscal year of 2018, to SAR 1.8 billion, from SAR 6.91 billion in 2017.