She indicated that the agreement includes working capital facilities worth one billion riyals (which was 647 million riyals in 2018) until 2025, which will provide additional liquidity to finance the company’s business growth plans.
Advertisements
It stated that on September 30, 2020, the company will only withdraw the value of the existing amount from the Murabaha financing (3.85 billion riyals) and the rest of the amount will be withdrawn in installments in line with the company’s plans (including the payment of payments owed to the Ministry of Finance starting from 2021).
It stated that these facilities are partially secured by a guarantee given by the Mobile Communications Company K.S.C.P and mortgage of some of the company’s shares owned by some of the founding shareholders in addition to the pledge of some contracts and receivables.
She indicated that this preferential long-term extension came after fruitful discussions with Islamic and traditional banking institutions at the local, regional and international levels. This refinancing shows the confidence of Saudi and international banks in the financial strength of Zain Saudi Arabia, and its merit and ability to fulfill its financial obligations. The rescheduled murabaha financing is important in reducing the cost of debt, improving financial performance, and the profitability of the company.
Advertisements
These were the details of the news of Zain rescheduling financing with 8 banks worth up to 6 billion for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available on Makkah The editorial team has done Gulf 365 By making sure of it, and it may have been modified, and it may have been completely transferred or quoted from it, and you can read and follow this news from its main source.
These were the details of the news Zain reschedules financing with 8 banks, amounting to 6 billion for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.
It is also worth noting that the original news has been published and is available at saudi24news and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.
