https://arab.news/wxu5n
RIYADH: Telecommunications giant Etihad Etisalat Co. has signed an SR4.8 billion ($1.28 billion) Murabaha financing agreement with Saudi National Bank to partially refinance its debts.
The company, also known as Mobily, said that the seven-year deal does not include any mortgages or financial guarantees, according to a Tadawul statement.
“This agreement, characterized by favorable terms and competitive interest rates, is for working capital financing, in addition to an additional medium-term Murabaha financing to facilitate the partial refinancing of existing debt obligations,” said Mobily in the statement.
Mobily will use SR3.68 billion from the financing pact to facilitate partial refinancing of its existing syndicated Murabaha of SR5.33 billion.
The statement added that the financing agreement aligns with Mobily’s long-term financial and capital restructuring strategy objectives.
The company also revealed that there are no related parties to the deal.
In October 2023, Mobily announced that its net profit for the first nine months of last year jumped by 41 percent to hit SR1.48 billion, compared to the same period in 2021.