Publisher: Maaal International Media Company
License: 465734
Etihad Etisalat Co. (Mobily) announced on Thursday the signing of a Murabaha financing agreement with the Saudi National Bank (SNB).
This agreement, characterized by favorable terms and competitive interest rates, with SAR 4.8 billion for 7 years.
The Company said that this agreement aligns with Mobily’s long-term financial and its capital restructuring strategy objectives, and does not include any mortgages or financial guarantees.
Mobily aims with this agreement for working capital financing, in addition to an additional medium-term Murabaha financing to facilitate the partial refinancing of existing debt obligations.
According to the published statement today on Tadawul, Mobily will use SAR 3.685 billion from the financing agreement to facilitate partial refinancing of the Company’s existing Syndicated Murabaha amounting to SAR 5.333 billion.
The Company’s financial and operational achievements along with its operational efficiency over the past years are key drivers to achieve an investment-grade credit rating and create an added value to its shareholders. This agreement signifies the trust of the financial institutions’ partners in Mobily’s capabilities and strategies.