Saudi Mubarrad secures SAR 145 mln loan from NCB

Saudi Transport and Investment Co. (Mubarrad) said in a bourse statement today that it inked a SAR 145 million sharia-compliant loan from the National Commercial Bank (NCB).

The facility, which has a maturity of 4.5 years, was guaranteed by a land plot, SAR 45 million worth of securities, and a promissory note.

Mubarrad plans to use the loan to acquire a 95 percent stake in Arabian Security & Safety Services (AMNCO).

Last January, Saudi Mubarrad signed a deal to purchase 95 percent of Arabian Security & Safety Services (AMNCO) at a total value of SAR 180.3 million. The acquisition comes in line with the Saudi company's strategy to expand and diversify its income.