Riyadh – Mubasher: Saudi Tadawul Group Holding Company has obtained Islamic Sharia-compliant banking facilities from Al Rajhi Bank at an amount of SAR 500 million.
The group secured the loan, on 1 February 2024, to finance its mergers and acquisitions, according to a bourse statement.
The facility deal, which is secured by a promissory note, holds a 12-month duration period for the short-term financing and a tenor of five years for the medium-term financing.
Last January, the listed firm entered into a binding agreement to acquire a 32.60% equity ownership in the Dubai Mercantile Exchange (DME) at a value of SAR 107 million ($28.50 million).
In the first nine months (9M) of 2023, Saudi Tadawul Group posted 18.81% year-on-year (YoY) lower net profit after Zakat and tax at SAR 298.30 million, compared to SAR 367.40 million.
