2012-02-13 - AMEinfo.com | Saudi Arabia | Latest News - Saudi Arabia: The Riyadh-based Tadawul All Share Index (Tasi) showed some form of exhaustion as the gauge closed flat at 6,802 Sunday. Year-to-date, the Saudi bourse gained six per cent. Market bellwether Sabic fell 0.80% to SR95 and market breadth declined as 59 shares advanced and 72 declined. Telecom provider Etihad Etisalat, known as Mobily, jumped 2.13% to reach SR60. Earlier in the day, Mobily announced it had signed a SR10bn Shari'ah-compliant refinancing agreement "with seven local banks to refinance three of its existing long, medium and short term loans." The seven local banks are: Samba Financial Group, Banque Saudi Fransi, National Commercial Bank, Riyad Bank, Saudi British Bank (SABB), Al Rajhi Bank and Saudi Hollandi Bank. In an e-Mailed statement, Mobily added: "The company has chosen to take this step now rather than in the future, as Mobily was able to negotiate the refinancing at a competitive Murabaha rate of SAIBOR (Saudi Interbank Offered Rate) + 0.70% until the end of the loan repayment period of two of the tranches and SAIBOR + 0.65% until the end of the loan repayment period of the other two tranches." The Chairman, Eng Abdulaziz Alsaghyir said that the refinancing will allow Mobily to grow revenues and to maintain, as well as entrench, its leadership position in the Saudi broadband market.  

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