Saudi Automotive Services' shares decreased by 0.50% to SR19.95. The company announced that it signed up for a SR255m Islamic credit facility with Banque Saudi Fransi. The financial means will flow into the realization of expansion plans.
Banque Saudi Fransi arranged a $2 billion Islamic bond program as part of the Riyadh-based lender’s plans to mix up its sources of financing.
Islamic bond sales in Saudi Arabia, the world’s largest oil exporter, progressed to a record $6.55 billion so far this year as the government’s spending plan encourages companies to raise funds to invest.
Lead arrangers of the program were Citigroup Inc. (C), Credit Agricole, Deutsche Bank AG (DBK).
Arab Petroleum Investments Corporation (APICORP) successfully closed a three-year SR2.5 billion ($667 million) syndicated Shariah-compliant facility from four leading Saudi Arabian banks on competitive market terms.
The purpose of the facility is the retaining and increasing of its medium term funding.
Mandated lead arrangers for the facility will be leading Saudi banks Riyad Bank, Al-Rajhi Bank, Banque Saudi Fransi and The Saudi British Bank, while Riyad Bank will perform the role of Murabaha Facility Agent.
Arab National Bank (ANB) in cooperation with Al Khalij Commercial Bank (al khaliji), Banque Saudi Fransi and Gulf International Bank funded a 2 years facility for Zain KSA which has the purpose to refinance and upsize an existing US$ 585 million facility.
Saudi Electricity Co (SEC) has finalised an Islamic financing worth 5 billion riyals ($1.33 billion) with four local banks to finance projects in the kingdom.
The 15-year murabaha financing was provided by Saudi Arabia's largest lender by assets, the National Commercial Bank, alongside Saudi British Bank 1060.SE (SABB), Samba Financial Group 1090.SE and Banque Saudi Fransi 1050.SE.