The Kingdom Holding Company (KHC) has announced the signing of a SR3 billion ($800 million) financing agreement with a consortium of three banks - Samba, Riyad Bank and Banque Saudi Fransi.

KHC chairman Prince Alwaleed bin Talal bin Abdulaziz Alsaud on Sunday inked the deal with Samba managing director and CEO Essa El Essa, Riyad Bank president and CEO Talal Al-Qudaibi and Banque Saudi Fransi managing director Jean Marion in the presence of other officials.

Prince Alwaleed commented: 'We are pleased that this long awaited and much publicised financing agreement has been reached with Samba and Banque Saudi Fransi and we are particularly pleased with expanding our banking relationship with Riyad Bank.'

'Kingdom Holding Company will remain sharply focused on identifying key opportunities to maximize shareholder value,' he noted. 

Shadi Sanbar, Kingdom Holding’s CFO and a member of its investment committee said the financing cost on the borrowing would save the company approximately SR90 million or the equivalent of SR30 million annually, and further enhance the contribution to the company’s bottom line.-TradeArabia News Service