Riyadh – Mubasher: Maaden Aluminum Company signed on Thursday, 14 December, finance contracts totaled SAR 6.68 billion ($1.78 billion) with a group of local and international commercial banks to replace the outstanding loans with an alternative funding.
Maaden Aluminum Company is 74.9% subsidiary of Saudi Arabian Mining (Maaden).
“[The agreements were signed with] Al Rajhi Banking and Investment Corporation, The National Commercial Bank, Riyad Bank, Banque Saudi Fransi, Bank AlJazirah, Saudi British Bank, Bank AlBilad,” according to a statement on Sunday to the Saudi Stock Exchange (Tadawul).
“[The other banks were] Arab National Bank , Export Development Canada, Samba Financial Group, BNP Paribas (Bahrain and Riyadh Branch), First Abu Dhabi Bank PJSC, Arab Petroleum Investment Corporation (APICORP) and Natixis,” the statement added.
Loans are provided under ten-year murabaha scheme and will be paid off over 14 semi-annual scheduled instalments as of 31 March 2021.
Loans' deals also include a seven-year commercial financial agreement that will be paid off over eight semi-annual scheduled instalments starting from 31 March 2021.
By 10:28 am KSA time, the stock gained 0.14% to SAR 51.20.
