Saudi Tadawul Group secures $133.33mln loan from Al Rajhi Bank

Saudi Tadawul Group secures $133.33mln loan from Al Rajhi Bank

Riyadh – Saudi Tadawul Group Holding Company has obtained Islamic Sharia-compliant banking facilities from Al Rajhi Bank at an amount of SAR 500 million. The group secured the loan, on 1 February 2024, to finance its mergers and acquisitions, according to a bourse statement. The facility deal, which is secured by a promissory note, holds a 12-month duration period for the short-term financing and a tenor of five years for the medium-term financing. Last January, the listed firm entered into a binding agreement to acquire a 32.60% equity ownership in the Dubai Mercantile Exchange (DME) at a value of SAR 107 million ($28.50 million). In the first nine months (9M) of 2023, Saudi Tadawul Group posted 18.81% year-on-year (YoY) lower net profit after Zakat and tax at SAR 298.30 million, compared to SAR 367.40 million. All Rights Reserved - Mubasher Info © 2005 - 2022 Provided by SyndiGate Media Inc. (Syndigate.info).   Saudi Tadawul Group secures $133.33mln loan from Al Rajhi Bank