Saudi industrial group Tasnee gets $532 million credit facility for sukuk

Tasnee, one of the largest industrial conglomerates in Saudi Arabia. (Supplied)
Updated 03 January 2019
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Saudi industrial group Tasnee gets $532 million credit facility for sukuk

  • Tasnee, like other regional petrochemical producers, is investing heavily in product expansions are global demand increases

LONDON: Saudi industrial group Tasnee has secured a SR2 billion ($532.4 million) credit facility from Banque Saudi Fransi to refinance an existing sukuk.
The Kingdom’s second-largest industrial group said it agreed the Murabaha faciity to refinance its sukuk, which matures in May.
The tenor of the new facility is seven years, Tasnee said in a filing to the Tadawul stock exchange on Wednesday.
“The agreement includes a number of conditions precedent for drawing down the facility,” Tasnee said in a statement.
Many regional corporate borrowers are seeking to refinance existing debt ahead of more expected interest rate rises in 2019.
Tasnee, like other regional petrochemical producers, is investing heavily in product expansions are global demand increases.


US trade negotiators to visit China for fresh round of talks

Updated 21 March 2019
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US trade negotiators to visit China for fresh round of talks

  • Washington and Beijing are battling over the final shape of a trade deal
  • American officials are demanding profound changes to Chinese industrial policy

BEIJING: US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will visit China on March 28-29 for a fresh round of talks aimed at resolving the bruising trade war, the Chinese commerce ministry said Thursday.
After their visit, Chinese Vice Premier Liu He will head to the United States in April to continue the negotiations, ministry spokesman Gao Feng said at a press briefing.
Washington and Beijing are battling over the final shape of a trade deal, with American officials demanding profound changes to Chinese industrial policy.
President Donald Trump warned Wednesday that US tariffs on Chinese imports could remain in place for a “substantial period,” dampening hopes that an agreement would see them lifted soon.
Over the last eight months, the United States and China have slapped tariffs on more than $360 billion in two-way goods trade, weighing on the manufacturing sectors in both countries.
On Friday, China’s rubber-stamp parliament approved a foreign investment law to strengthen protections for intellectual property — a central US grievance — but critics said the bill was rammed through without sufficient time for input from businesses.