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STC Malaysia Holding Limited signed a Malaysian Ringgit 1,510 million (equivalent of SAR 1,440 million) 5 years Islamic term finance facility with a syndicate of three banks namely Bank of Tokyo Mitsubishi, HSBC, and Standard Chartered Bank. The signing ceremony was held in STC Riyadh head quarter in the presence of Ameen AlShiddi, STC GCFO and Director STC Malaysia Holding. STC Group Corporate Finance was able to secure very competitive terms and condition for the financing, particularly given the very challenging liquidity condition for large ticket size transactions and overall financial market situation in Malaysia. This financing will be used to refinance STC Malaysia Holding Limited existing loan secured from Al-Rajhi Bank Malaysia to subscribed 50% of the BGSM Junior Sukuk back in year 2007. Ameen AlShiddi, (STC GCFO and Director of STC Malaysia Holding) expressed his gratitude stating that the transaction marks an excellent achievement as the terms are significantly more competitive than the current market norms resulting in healthy savings for STC-Group’s bottom-line. |
Source: STC Press Release