Corporation (Apicorp) wants to raise at least 2 billion riyals
($533 million) from local Saudi Arabian banks, MEED said on
Wednesday, citing sources familiar with the matter.
The company is in talks with four or five banks to fund the
club loan, which will be used to finance its ongoing lending
activities. Apicorp could seek to raise more than $533 million.
"Apicorp had been looking at international markets to raise
money, but that has become more difficult recently. With so much
local liquidity, they should get a good deal from local banks,"
says one banker close to the deal told London-based Middle East
Economic Digest.
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