Three listed lenders participate in SEC’s $4bln funding

A number of regional and international lenders participated in the transaction

Staff Writer, Mubasher

August 26, 2024

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Saudi Electricity Company (SEC) obtained $4 billion (SAR 15 billion) in international syndicated revolving credit facilities on 25 August 2024, according to a bourse filing.

A number of regional and international lenders participated in the transaction, including Abu Dhabi Commercial Bank (ADCB), the Saudi Investment Bank (SAIB), J.P. Morgan Securities, and First Abu Dhabi Bank (FAB).

SEC will use the funding to finance general corporate purposes for three years, including an optional two-year extension.

In the first half (H1) of 2024, SEC recorded an annual surge of 16.56% in net profit to SAR 5.24 billion, compared to SAR 4.49 billion.

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