Riyadh – Mubasher: Saudi Electricity Company (SEC) on 26 August signed a syndicated Murabaha facility agreement for SAR 9 billion to finance the company’s general purposes, including capital expenditures.

The deal was signed with the National Commercial Bank (NCB), Bank Albilad, Al Rajhi Bank, Riyad Bank, Samba Financial Group, Banque Saudi Fransi (BSF), and Saudi British Bank (SABB), according to a filing to the Saudi bourse on Thursday.

The loan term extends over seven years.

According to the statement, SEC’s board member, Rashid Ibrahim Sharif, is NCB's vice chairman and is a related party.