FINANCIAL NEWS

Saudi Maaden secures USD1.86b Murabaha loan

03 Jun 2012

(MENAFN) Saudi Arabian mining company (Maaden) stated that it secured a USD1.86 billion Murabaha loan with a repayment period of 5 years, reported Arab News.

Maaden, which was established in 1997 to ease the development of Saudi mineral resources, said that the agreement was oversubscribed 2.5 times.

The firm, which inked a USD1.49 billion deal with Hyundai Engineering & Construction Co Ltd recently to set up an alumina refinery at Ras Al-Khair, added that the credit facility was secured by 11 banks.

It is worth noting that Maaden was originally wholly owned by the Saudi government, however, in 2008, 50 percent of the company’s shares were floated on the Saudi Stock Exchange (Tadawul), according to the firm’s website.

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