Saudi mining company signs new finance facility worth $2.4 billion
In a statement to the Tadawul, Saudi Arabian Mining Company (Maaden) announced the signing of a revolving Murabaha finance facility with a tenor of five year. The company increased the finance amount from SAR 7 billion (originally announced in June) to SAR 9 billion to have more flexibility finance future projects. The finance was 2.5 times oversubscribed.
The subscribing banks are: National Commercial Bank, Samba Financial Group, Banque Saudi Fransi, Riyad Bank, Saudi British Bank (SABB), Al Rajhi Bank, Bank Al Jazeera, J.P. Morgan Chase, Arab National Bank, Bank Al Bilad and Saudi Investment Bank.