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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
15/05/2025
STC Bank has announced on Monday, on the sidelines of the Saudi-U.S. Investment Forum 2025, an agreement with Arthur Lawrence to deliver operational outsourcing and job description development servic
Saudi Gazette
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
| Ticker | Price | Volume |
|---|
| Ticker | Price | Change |
|---|---|---|
| ETIHADETISALAT | 58.50 | 0.80 (1.38 |
| ZAIN.KSA | 11.00 | -0.24 (-2.14 |
| GOTELECOM | 96.20 | -1.50 (-1.54 |
16/05/2025
Abu Dhabi National Energy Company (TAQA), one of the largest listed integrated utilities companies in Europe, the Middle East and Africa, has delivered a 3.8% year-on-year revenue growth, reaching AE
Trade Arabia
16/05/2025
Abraj Energy Services has signed a contract with BP Oman to provide a drilling rig for operations in Block 61, with the rig expected to become operational in the fourth quarter of 2025.
The
Muscat Daily
16/05/2025
Commercial Bank, a leader in innovative digital banking solutions, has unveiled its all-new Corporate Mobile Banking App, setting a new standard for business banking in the region.
This stat
Gulf Times
16/05/2025
Emirates NBD is rolling out a new AI-driven solution to strengthen its compliance checks on payments and trade transactions, as part of a wider effort to improve safety, speed, and transparency in fi
Gulfnews
16/05/2025
In line with its leading and responsible role in the banking industry, National Bank of Kuwait continues to advance confidently towards building a sustainable future by implementing its environmental
Kuwait Times
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