Riyadh – Mubasher: Arabian Contracting Services Company (Al Arabia) has secured a long-term Murabaha facilities agreement at a combined value of SAR 1.05 million, according to a bourse filing.
Al Arabia obtained SAR 350 million from Banque Saudi Fransi, Al Rajhi Bank, and Saudi Awwal Bank (SAB), each.
The listed firm inked the Sharia-compliant facility deal, on 15 October 2023, to finance the full acquisition of Faden Media. It has a duration period of seven and a half years.
Meanwhile, the repayment will be no later than 90 months from the signing date.
Last August, Al Arabia obtained the General Authority for Competition’s approval for the acquisition deal, after it had penned the purchase agreement in October 2022.
In the first half (H1) of 2023, the listed company witnessed 37.73% year-on-year (YoY) higher net profits at SAR 175.86 million, compared to SAR 127.68 million.
