Saudi TASNEE signs $1.07bn Islamic finance deal to fund projects

02 October 2013 17:41  [Source: ICIS news]

DUBAI (ICIS)--Saudi Arabia’s National Industrialisation Co (TASNEE) has signed a 4bn ($1.07bn) Saudi riyal (SR) Islamic financing deal with eight local banks to fund its future projects, the petrochemicals firm said in a regulatory filing on Wednesday. 

“The company today signed a Murabaha financing agreement of 4bn riyal. The loan will go for financing the company’s future projects and refinancing the current loans,” it said in a statement issued to the Saudi stock exchange.

This loan will be repaid semi-annually over eight years, including a grace period of one year. It is secured by a promissory note. 

Tasnee is the second largest industrial company in Saudi Arabia and the world’s second largest producer of titanium dioxide (Ti02).

($1 = SR3.75)

By: Aamir Ashraf

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