MESC signs refinance deal with six banks

Middle East Specialized Cables Company (MESC) announces that it on January 5, 2013 signed finance agreements for restructuring its loans with total sum of SAR 530 million for six years, without prejudice to the ordinary preconditions in such agreements. The agreements were signed with the Banque Saudi Fransi, Riyad Bank, SABB, Al-Rajhi, Arab National Bank and the Saudi Hollandi. The agreements will be used to refinance company’s current debt and for general purposes of its activities. The agreements reflect the credibility of the company with financial institutions.

All MESC’s loans are Shariah-compliant. Collaterals are promissory notes covering the total amount of loans.