Fawaz Abdulaziz Alhokair Company signed a long-term syndicated murabaha deal with the Saudi National Commercial Bank (NCB), Samba Group and Abu Dhabi Islamic Bank (ADIB) at a value of SAR 1.125 billion.

 

The seven-year borrowing agreement will be used to repay short-term debt, the company said in a bourse filing. Installments will be paid semiannually.

 

Part of the loan will be used to repay a residual SAR 583 million, remaining from a SAR 1 billion syndicated loan signed in September 2014. While another part will close a SAR 500 million sukuk.

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