January 22, 2015 / 1:16 PM / 3 years ago

Saudi's Tasnee signs $319 mln loan to buy more of Cristal

DUBAI, Jan 22 (Reuters) - Saudi Arabia's National Industrialisation Co (Tasnee) signed a 1.2 billion riyals ($319.4 million) Islamic loan it will use to part-fund buying a further stake in its subsidiary Cristal, the industrial manufacturer said on Thursday.

The five-year murabaha loan - a sharia-compliant cost-plus-profit arrangement - is with Riyad Bank and Saudi British Bank. It has a one-year grace period and the option for a one-year extension, with payment due in equal semi-annual instalments.

In December, Tasnee bought a further 13 percent in Cristal - one of the world's largest producers of titanium dioxide - for 1.8 billion riyals.

$1 = 3.7570 riyals Reporting by Matt Smith; editing by John Stonestreet

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