Maaden gets SR 7 bn Murabaha loan

Maaden gets SR 7 bn Murabaha loan
Updated 03 June 2012

Maaden gets SR 7 bn Murabaha loan

Maaden gets SR 7 bn Murabaha loan

Saudi Arabian mining company (Maaden) has received a Murabaha revolving credit facility worth SR 7 billion with a tenure of five years, the company said in an announcement posted on Tadawul website.
The deal, which was secured by 11 banks, was oversubscribed 2.5 times which demonstrated the banks trust in Maaden's credit worthiness, the report said.
The subscribing banks are: National Commercial Bank, Samba Financial Group, Riyad Bank, Banque Saudi Fransi, Saudi British Bank (SABB), Al Rajhi Bank, Bank Al Jazeera, J.P. Morgan, Arab National Bank, Bank Al Bilad, Saudi Investment Bank.
It is to be recalled that Maaden has recently signed a contract worth SR 5.6 billion with Hyundai Engineering & Construction Co Ltd to build its alumina refinery at Ras Al-Khair, Eastern Province.