‎“Ma’aden” signs agreement to renew Murabaha loan at ‎SR11.25 bln

The Saudi Arabian Mining Company announced the signing of an agreement to renew the revolving Murabaha loan at 11.25 billion riyals, and to extend it for an additional five years, as it was previously renewed on 12/13/2017.

The company stated in a statement today on “Tadawul” that the aim of financing is for general purposes, including financing working capital and avoiding any restrictions on liquidity.

It is worth noting that Murabaha financing is currently not withdrawn, and to reduce the risks of commodity price fluctuations, in addition to providing support for cash liquidity and future growth projects, the company increased the financing value from 7.50 billion riyals to 11.25 billion riyals.

It is noteworthy that the financing party is the National Bank of Saudi Arabia, Banque Saudi Fransi, Al Rajhi Bank, The Saudi British Bank, Gulf International Bank, Riyad Bank, Bank Al Jazira, and the Arab National Bank.

This comes in addition to the company’s announcement on Tadawul on 12/14/2017.