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Mobily, Alinma seal SAR 3bn loan agreement

Mobily, Alinma seal SAR 3bn loan agreement
Alinma will provide a 10-year credit facility to Mobily
ETIHAD ETISALAT
7020
0.26% 22.82 0.06
ALINMA
1150
0.67% 24.16 0.16

Riyadh – Mubasher: Etihad Etisalat Company (Mobily) has signed a financing agreement with Alinma Bank, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

Alinma Bank will provide a 10-year SAR 3 billion credit facility to help Mobily in replacing existing debt and covering capital expenditure

“This financing is part of the company’s management effort to improve liquidity, reduce the cost of finance and improve terms and conditions. Nonetheless, it provides the company with additional credit flexibly, and not compulsory to the company to utilize the total facility amount,” the statement noted.