Riyadh - Mubasher: The board of Saudi Electricity Company (SEC) has signed on Sunday the amendment to a joint Local Murabaha Finance structure.
The financing is worth SAR 5 billion ($1.33 billion) and lasts for seven years. The amendment stipulates an increase in the value to SAR 8 billion ($2.13 billion), according to a bourse filing.
The additional finance was obtained from four local banks: Arab National Bank, the National Commercial Bank (NCB), Banque Saudi Fransi, and Samba Financial Group.
The company inked the modification in order to finance SEC’s general purposes, but without guarantees from its side.
In September, SEC announced signing a seven-year finance deal worth SAR 5 billion with NCB, Banque Saudi Fransi, and Samba Financial Group to finance its capital projects.
