Tasnee reschedules SAR 2B Murabaha financing with BSF

National Industrialization Co. (Tasnee) signed an amendment agreement with Banque Saudi Fransi (BSF) on Sept. 7 to reschedule its existing SAR 2 billion Murabaha financing facility.

In a statement to Tadawul, the company said the agreement extends the tenor of the financing facility, which was executed on Jan. 1, 2019, and reschedules its repayment profile in line with the company's cash flows.

The financing had a seven-year tenor before the rescheduling and will have a seven-year tenor following the rescheduling. Promissory notes were provided as guarantees for the rescheduled financing, Tasnee said.

Talal Al Maiman serves as Vice Chairman of both Tasnee and BSF, according to the company.

Tasnee said the rescheduling agreement was entered into in the ordinary course of business on prevailing commercial terms and does not include any preferential conditions. It added that the transaction complies with applicable regulatory requirements governing related-party transactions.