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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).