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stc Bahrai inks $186m bullet payment loan with ADIB, MUFG Bank

stc Bahrai inks $186m bullet payment loan with ADIB, MUFG Bank
The new finance deal is in line with stc Bahrain’s efforts toward digitalisation
STC
7010
1.75% 116.00 2.00
ADIB
ADIB
-1.58% 6.86 -0.11

Mubasher: stc Bahrai, a subsidiary of Saudi Telecom Company (stc), has inked a $186 million five-year bullet payment loan with Abu Dhabi Islamic Bank (ADIB) and MUFG Bank. 

The agreement will provide liquidity to stc Bahrain to develop and improve its existing ICT infrastructure in Bahrain to deploy future digital services, according to a press release on Monday.

The new finance deal is in line with stc Bahrain’s efforts toward transformational technologies to digitise its services and meet customers' growing needs.

The CEO of stc Bahrain, Nezar Banabeela, said: "This will support stc Bahrain’s growth strategy by furthering our investment in our ICT infrastructure. We are proud of our efforts to finalize this milestone deal with ADIB and MUFG."

Meanwhile, Banabeela added: "We will further enhance our ICT infrastructure and accelerate digital transformation to create more smart and sustainable solutions, supporting the Kingdom’s economic vision."