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FINANCIAL NEWS
Saudi Arabia- Marafiq signs agreements for $666m financing
02 Aug 2010
(MENAFN) The private power and water utility company for Jubail and Yanbu, Marafiq, has signed agreements for a $666 million, 15-year Murabaha-based financing facility with a group of select banks operating in Saudi Arabia, Arab News reported.
The Murabaha facility is Marafiq’s first commercial financing transaction. It saw strong interest from the bank sector to the extent that it was oversubscribed and received $1.9 billion in total commitments. The facility has been structured as an amortizing one with an availability period of 36 months and a profit margin linked to Saudi Interbank Offered Rate.
Thamer Al-Sharhan, Marafiq president and CEO, said the proceeds of the Murabaha facility would be used to finance Marafiq’s ongoing capital expenditure program and other operational requirements.
Marafiq is a multi-utility service provider operating in Jubail and Yanbu industrial cities. The company started commercial operations in January 2003 and plays a strategic role in the Kingdom’s economic and industrial development program.
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