Al Babtain to procure SAR 250m loan

Saudi Arabia-based Al Babtain Power and Telecommunications company will get a loan of 250 million Saudi Riyals through Murabaha mode from Al Rajhi Bank.
The duration of the banking facility is four years and 282 million riyals have been pledged as guarantees for the financing, Al Babtain said in a Tadawul listing.
The company said the loan will be used for re-structuring a part of short-term finances and transfer it to medium-term finance, which will reflect on increasing the necessary cash flow to finance the company needs.
In the 12 months preceding March 2021, the company had paid 28 percent of its profits as dividends.