STC gets USD378.5mn Islamic loan through its Malaysian subsidiary
Saudi Telecom Company (STC) [7010.SE] obtained a RM1.51bn (USD378.5mn) loan to refinance existing debt used to acquire a stake in Maxis, a Malaysian mobile network operator, according to Zawya. STC Malaysia Holdings hired Bank of Tokyo-Mitsubishi UFJ, HSBC Amanah Malaysia and Standard Chartered Bank Saadiq to arrange the deal. The debt is structured as a commodity murabaha, a sharia-compliant structure and the Bank of Tokyo-Mitsubishi UFJ will act as the investment agent to manage the cash flows of the facility and to perform the commodity murabaha transactions.
Saudi Telecom Company: SAR68.01 as of 7 Jan. 2018, Rating: Neutral, TP: SAR68.29/share, MCap: USD36,272mn, STC AB/7010.SE
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