Bloomberg News

Saudi Maaden in Talks With Banks for 7 Billion-Riyal Financing

April 21, 2012

Saudi Arabian Mining Co., the state-controlled company that has a joint venture with Alcoa Inc. (AA:US), said it is in talks with banks to obtain a 7 billion-riyal ($1.9 billion) Islamic loan.

“The company is in the process of consultation with a number of banks with the intention to obtain medium-term murabaha financing which will not exceed 7 billion riyals,” the company also known as Maaden said in a statement to the Saudi bourse today. “The purpose of this funding is to finance the company’s investments in future projects.”

To contact the reporter on this story: Shaji Mathew in Dubai at shajimathew@bloomberg.net

To contact the editor responsible for this story: Dick Schumacher at dschumacher@bloomberg.net


Toyota's Hydrogen Man
LIMITED-TIME OFFER SUBSCRIBE NOW

Companies Mentioned

  • AA
    (Alcoa Inc)
    • $15.94 USD
    • 0.16
    • 1.0%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus