| Element List | Explanation |
|---|---|
| Announcement Detail | Saudi Fransi Capital announces that Bonyan REIT has entered into two Shariah-compliant financing facility agreements as follows: |
1. SAR 700 million Shariah-compliant financing facility with Riyad Bank with a tenor of seven years whereby profit will be paid on a quarterly basis (commencing upon withdrawal of funds to purchase real estate assets for the Fund), the loan is to be repaid upon maturity.
2. SAR 500 million Shariah-compliant financing facility with Arab National Bank with a tenor of five years (extendable for two additional years) whereby profit will be paid on a semi-annual basis (commencing upon withdrawal of funds to purchase real estate assets for the Fund), the loan is to be repaid upon maturity.
As a security for these facilities, promissory notes and pledge on Fund’s properties will be provided to both banks upon withdrawal of loan proceeds. The facilities will be used to finance Fund’s acquisition of new income-generating properties located within the Kingdom of Saudi Arabia.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.