Please wait...
GulfBase Live Support
Leave a message and our representative will contact you soon
- China's Sinopec Signs Joint Venture Agreement with Saudi Aramco Worth $4 Billion
- IMF lowers Oman's GDP growth forecast to 2.3% for 2025
- Bahrain All Share Index, Islamic Index close lower
- Gulf Bank issues its fifth Annual Sustainability Report for 2024
- BRICS ministers meet in Brazil over Trump trade policies
- Continuing excellence and driving innovation key pillars of NBK's success: Shaikha Al-Bahar
- Borouge to boost production capacity to 6.6m tonnes
- Bitcoin surges back above $95,000 as institutional interest & economic uncertainty drive growth
- Qatar Stock Exchange index rises by 12.86 points at start of trading
- World-scale Dukhan solar power plant to become operational by 2029: Al-Kaabi
08/01/2018 11:20 AST
Saudi Telecom Co (STC) has obtained a 1.51 billion ringgit ($378.5 million) Islamic loan through its Malaysian subsidiary, according to a document from arranging banks.
Saudi Telecom, the Gulf's largest telecommunications operator by market value, will use the Islamic loan to refinance existing debt originally used to acquire a stake in Malaysian mobile-phone firm Maxis.
STC, through its subsidiary STC Malaysia Holdings, owns a 25 percent stake in Binariang GSM Holdings which in turn holds a controlling stake in Maxis, according to the company's financial statements.
STC Malaysia Holdings hired Bank of Tokyo-Mitsubishi UFJ (Malaysia), HSBC Amanah Malaysia and Standard Chartered Bank Saadiq to arrange the deal.
The syndicated financing uses a sharia-compliant structure known as commodity murabaha, where one party agrees to purchase merchandise from a counterparty which promises to buy it back at an agreed mark-up at a later date.
Bank of Tokyo-Mitsubishi UFJ (Malaysia) will act as the investment agent to manage the cash flows of the facility and to execute the commodity murabaha transactions.
Malaysia is one of the largest markets for Islamic finance, which follows religious principles such as bans on interest and monetary speculation. ($1 = 3.9890 ringgit)
Reuters
28/04/2025
stc announced its preliminary financial results for the period ending March 31, 2025, highlighting strong performance across key metrics.
Revenues for the first quarter reached SR19,210 mill
Saudi Gazette
19/04/2025
stc group celebrates the fifth consecutive year as Title Partner, blending cutting-edge technology with the excellence of motorsport.
Advanced 5G network, smart IoT services, and AI-integrat
Saudi Gazette
27/03/2025
Saudi telecommunication firm stc Group has been ranked the best workplace in the Kingdom, with energy giant Aramco placed second, a report by LinkedIn showed.
Boston Consulting Group was nam
Arab News
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| ETIHADETISALAT | 62.00 | -0.10 (-0.17 |
| ZAIN.KSA | 12.66 | -0.12 (-0.94 |
| GOTELECOM | 100.80 | 3.60 (3.70 |
29/04/2025
China's state-run Sinopec said on Monday it had signed an agreement with a unit of Saudi Aramco to establish a joint venture company aimed at operating ports, transporting crude oil, and providing ot
Asharq Al Awsat
29/04/2025
Gulf Bank has officially released its Fifth Annual Sustainability Report for the year 2024, titled "From Vision to Execution", highlighting the Bank's advancements in sustainability in line with Kuwa
Kuwait Times
29/04/2025
In an interview with CNBC International, Shaikha Al-Bahar, Deputy Group Chief Executive Officer of National Bank of Kuwait (NBK) affirmed the Group's commitment to maintaining excellence and fosterin
Kuwait Times
29/04/2025
Borouge today announced a series of strategic asset expansion projects to accelerate its growth, contributing annually between $165 million and $200 million (AED600 million - AED730 million) in EBITD
Trade Arabia
29/04/2025
Saudi developer Emaar, The Economic City has signed final agreements with four local banks to reschedule SR3.39 billion ($904 million) in existing debt and secure a new credit facility.
In a
Arab News
Financial Information Co.
P.O. Box 69410, Jeddah 11547, Saudi Arabia