Saudi Arabia's National Industrialisation Company (Tasnee) has announced that it has signed a murabaha facility agreement with Banque Saudi Fransi to refinance a SR2 billion ($532 million) Islamic bond (sukuk) maturing in May this year.

Established in 1985, Tasnee has a wide range of interests in petrochemicals, chemicals, plastics, and metals manufacturing, industrial services and environmental technologies.

Today, it is Saudi Arabia's second largest industrial company and one of the world's biggest producers of titanium dioxide.

The facility is repayable in one instalment on the final maturity date at the end of the tenor, said Tasnee in its filing to Saudi bourse Tadawul. It also includes a number of conditions precedent for drawing down the facility, it added.-TradeArabia News Service