Saudi Telecom Company STC announced that its subsidiary (Telecom Towers Company - Twal) signed Murabaha financing agreements yesterday, Tuesday, December 12, with the National Bank of Saudi Arabia and First Saudi Bank, with a total value of 3.75 billion riyals.
The company explained; According to a statement on Wednesday, the value of the financing granted by the National Bank of Saudi Arabia is about 2 billion riyals, while the volume of financing from the First Saudi Bank is about 1.75 billion riyals.
The company indicated that the financing period is 18 months, indicating that the guarantees provided in exchange for the financing include a promissory note from Tawal for the total value of the financing.
The company also clarified that the purpose of the financing is to refinance the loan provided by the Saudi Telecom Company to its subsidiary, Twal, indicating that there are related parties regarding the Murabaha financing agreement with the National Bank of Saudi Arabia, where the member of the Board of Directors, Mr. Yazid Al-Hamid, has an indirect interest, as a member. On the Board of Directors of STC and the Saudi National Bank. The Public Investment Fund is also considered a major shareholder in STC and the Saudi National Bank.
