National Industrialization Co.’s (Tasnee) joint venture, Saudi Ethylene Polyethylene Co. (SEPC), in which Tasnee holds a 60% stake, secured today, Jan.26, a Shariah-compliant long-term Murabaha financing of SAR 1.70 billion from Bank Albilad.
In a statement to Tadawul, the company said the financing has a 12-year term, including a two-year grace period, and will be used to fund the expansion of SEPC’s ethylene cracker plant.
The statement notedthat collateral includes promissory notes issued by SEPC covering the full facility value, along with guarantees from the partners, adding that there are no related parties to the deal.
National Industrialization Co.’s (Tasnee) joint venture, Saudi Ethylene Polyethylene Co. (SEPC), in which Tasnee holds a 60% stake, secured today, Jan.26, a Shariah-compliant long-term Murabaha financing of SAR 1.70 billion from Bank Albilad.
In a statement to Tadawul, the company said the financing has a 12-year term, including a two-year grace period, and will be used to fund the expansion of SEPC’s ethylene cracker plant.
The statement notedthat collateral includes promissory notes issued by SEPC covering the full facility value, along with guarantees from the partners, adding that there are no related parties to the deal.
