Ataa Educational Company announced today, Wednesday, that the Arab Group for Education and Training Holding Company, its subsidiary, has signed a Shariah-compliant Murabaha financing agreement worth 100 million riyals with Emirates NBD, in order to reschedule a number of loans owed to a group of Saudi banks.
company said educational tender In a statement on “Saudi Tadawul”, the new agreement is competitively priced and provides better commercial terms.
She added that the Arab Group for Education and Training Holding Company will withdraw the entire new Murabaha financing to repay the rescheduled loans.
Ataa Educational explained that the maturity date of existing loans with a group of Saudi banks is 2022, while the maturity date of the new Murabaha financing is in semi-annual installments, with a grace period of 6 months from the date of withdrawal (2022-2029).
She pointed out that the guarantees provided once morest the financing are a promissory note and a real estate guarantee owned by the Arab Group for Education and Training Holding Company.
