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Mobily signs SAR 7.6bn Murabaha deal with local banks

Mobily signs SAR 7.6bn Murabaha deal with local banks
The agreement is set to reduce debt and finance costs for Mobily
SAMBA
1090
0.93% 23.78 0.22
RIBL
1010
6.46% 17.46 1.06
BSFR
1050
1.68% 30.25 0.50

ETIHAD ETISALAT
7020
3.86% 26.90 1.00
SABB
1060
5.68% 24.20 1.30
ANB
1080
0.51% 19.86 0.10

Riyadh – Mubasher: Etihad Etisalat Company (Mobily) announced on Sunday the signing of a SAR 7.6 billion refinancing Murabaha facility agreement with a group of Saudi Banks.

Riyad Bank, Arab National Bank (anb), Banque Saudi Fransi (BSF), Saudi British Bank (SABB), and SAMBA Financial Group will provide a seven-year SAR 7.6 billion Murabaha credit facility for Mobily to replace existing syndicate financing and reduce financing costs.

The refinancing agreement will significantly reduce the cost of debt for Mobily over the coming few years, as part of efforts to improve liquidity with better financing terms and conditions, according to the company’s statement to the Saudi Stock Exchange (Tadawul).