Tasnee's Cristal signs SAR 6.95 bln murabaha facility

The National Industrialization Co. (Tasnee) said its 79-percent owned subsidiary, the National Titanium Dioxide Company Limited (Cristal), has inked a syndicated murabaha and Bai Ajel working capital agreements with the company's existing lenders at SAR 6.955 billion.

The facilities will go towards refinancing Cristal's existing financial liabilities, the company said in a statement to Saudi bourse.

The facility should be repaid as a lump sum after three years from the date the contract was signed. The loan tenure can also be extended for two additional years, if certain conditions are met.