Saudi cables firm in loan deal
Riyadh, January 8, 2013
Middle East Specialized Cables Company (MESC), a leading manufacturer of industrial, instrumentation and process control cables based in Saudi, has inked a deal with a consortium of Gulf-based banks on rescheduling loans worth SR530 million ($140 million) for six years.
MESC's general assembly has approved the rescheduling of the company's loans from short to long terms, said a SPA report, citing a company statement.
The major banks involved in the transaction include Saudi French Bank, Riyad Bank, Saudi British Bank, Al-Rajhi Bank, National Arab Bank, and Saudi Hollandi Bank.
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