Saudi Electricity signs SAR 9 bln syndicated Murabaha facility with local banks

Saudi Electricity Co. (SEC) signed, on August 26, a syndicated Murabaha facility agreement with a number of local banks for a total value of SAR 9 billion for seven years.

The company said in a statement to Tadawul that the financiers include National Commercial Bank (NCB), Bank Albilad, Al Rajhi Bank, Riyad Bank, Samba Financial Group, Banque Saudi Fransi, and Saudi British Bank (SABB).

No guarantees are provided in exchange for the borrowing, the statement said, adding that the company aims to use the financing for general corporate purposes including capital expenditure.

Rashid Ibrahim Sharif, SEC’s board member and the vice chairman of NCB, is a related party.