‎Ataa Educational inks SAR 100 mln Shariah-compliant Murabaha facility deal with Emirates NBD

‎Ataa Educational inks SAR 100 mln Shariah-compliant Murabaha facility deal with Emirates NBD

Ataa Educational Co.’s subsidiary, Arab Group for Education and Training Holding Co. signed a Shariah-compliant Murabaha facility deal at SAR 100 million with Emirates NBD, according to a bourse filing.

Ataa’s Arab Group for Education will utilize the entire new murabaha financing facility to repay and reschedule outstanding loans maturing in 2022 at SAR 100 million.

The new murabaha facility will be repaid in semi-annual installments until 2029, with a grace period of 6 months from the date of disbursement (2022).

The debt facility will be guaranteed by a promissory note plus a real estate guarantee owned by the Arab Group for Education and Training Holding Co.

The debt restructuring agreement offers competitive prices and better commercial terms and involves no related parties.