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SAUDI ARABIA: ELECTRICITY COMPANY SEEKS SR 6 BILLION LOAN.(Brief Article)
IPR Strategic Business Information Database, April, 2004
According to Al-Watan newspaper (April 8, 2004), the Saudi Electricity Company (SEC) announced that it had signed a memorandum with 6 local banks to participate in arranging a SR 6 billion ($1.2 billion) loan for the company. The Electricity Company is expected to use this loan, which is to be repaid in 15 years, to support and finance its capital projects.
The Chief Executive Officer of SEC, Mr. Solaiman Al-Qadi, said that this is the company's first loan since its establishment in April 2000.
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