Aseer secures Islamic finance from Samba

Aseer Company announces that it signed an Islamic murabaha credit facility agreement with Samba Financial Group as follows:

  1-The contract is signed on August 4, 2013

  2- The finance value is SAR 700 million

 3- By the finance the company aims at buying A 38% stake in Al-Essa Industries         on completion of the purchase process as per the company announcement on             Tadawul on August 4, 2013, besides financing any potential capital increase in          the said investment after approval.

  4-The finance was backed by ordinary banking documents and a promissory note.

  5- The credit tenure starts from the date the first tranche is dispensed on December        31, 2013 to December 31, 2020.

  6- The will be paid back in installments over seven years.