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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
18/03/2025
stc group, Saudi Arabia's leading digital enabler, has been ranked as the third strongest telecommunications brand globally in the 2024 Brand Finance Telecom 150 Report.
Developed by Brand F
Saudi Gazette
27/02/2025
stc Group, a digital enabler, offering advanced solutions and driving a role in the digitalization process, today (February 26) delivered solid results for FY 2024 with a 85% jump in its net profit w
Trade Arabia
07/03/2018
Ericsson has been chosen by Saudi Telecom Company (STC) Group for a major nationwide expansion of its 4G network in Saudi Arabia, including the deployment of LTE Advanced and Narrow Band-Internet of
Trade Arabia
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| ETIHADETISALAT | 59.70 | -1.30 (-2.14 |
| ZAIN.KSA | 11.82 | 0.56 (4.97 |
| GOTELECOM | 91.70 | -0.80 (-0.87 |
04/04/2025
Oman's Nama Power & Water Procurement Company has announced that it has received bids from 12 major utility project developers for two of its key projects - Misfah IPP within Muscat Governorate and D
Trade Arabia
04/04/2025
Dana Gas, the Middle East's leading publicly listed regional natural gas company, and its partner Crescent Petroleum, the oldest private oil and gas company in the Middle East, together with their pa
Khaleej Times
04/04/2025
Abu Dhabi National Energy Company PJSC (Taqa), one of the largest listed integrated utility companies in Europe, the Middle East and Africa, together with Emirates Water and Electricity Company (EWEC
Khaleej Times
03/04/2025
Oman Cables Industry (OCI), a leading cable solutions provider in the sultanate, has announced that it has delivered solid results for yet another year with its sales turnover for 2024 soaring to RO2
Trade Arabia
03/04/2025
Agility, a supply chain services, infrastructure and innovation company based in Kuwait, has delivered solid results for FY 2024 with KD1.53 billion ($5 billion) in revenue as its operating entities
Trade Arabia
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