Tasnee shareholders approve credit transactions with Banque Saudi Fransi

National Industrialization Co.’s (Tasnee) shareholders approved the business transactions and contracts concluded with Banque Saudi Fransi (BSF) in the fiscal year 2019, during the ordinary general assembly meeting held on May 5, 2020.

The transactions include credit facilities agreement worth SAR 150 million that expire in December 2023, as well as a sukuk refinancing agreement worth SAR 2 billion that will expire in May 2026 with no favored conditions, according to a bourse statement.

The agreements represent an indirect interest for board member, Dr. Talal Ibrahim Al-Maiman, who is also a board member of BSF.

Elsewhere, shareholders approved business transactions and contracts between Tasnee subsidiary, Saudi Ethylene and Polyethylene Co. and Converting Industries Co. Ltd. for the purchase of polyethylene and propylene, amounting to SAR 24.43 million.