The number of local banks invited to express an interest in the proposed SR 4,500 million ($1,200 million) corporate loan for Saudi Electricity Company (SEC)has been expanded, and bankers say discussions are ongoing over the extension of the bid submission deadline. The banks were originally asked to reply by early March, but it is likely they will be given until mid-March.
Originally, only six banks received the preliminary information memorandum, but the list has grown (MEED 13:2:04). It now includes National Commercial Bank, Saudi American Bank, Riyad Bank, Saudi British Bank, Banque Saudi Fransi, Saudi Hollandi Bank, Arab National Bank and Saudi Investment Bank.
Gulf International Bankis acting as SEC's financial adviser.
The 15-year facility will be used to part-finance the Shouaiba power generation complex.
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