Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) on Tuesday has announced that its subsidiary Maaden Bauxite and Alumina Company (MBAC) completed amending procedures for existing loan which worth SAR 3.75 billion ($1 billion) with Public Investment Fund (PIF) on Monday.

The value that will be amended is SAR 3.5 billion ($935 million), according to a statement to the Saudi Stock Exchange (Tadawul).

Ma’aden’s unit also replaced its existing loans with financial institutions and the Saudi Industrial Development Fund (SIDF) with credit facilities from some local and regional lenders.

MBAC signed loans' deal with a number of banks, namely the National Commercial Bank, Al Rajhi Bank, Riyad Bank, Bank AlBilad, Arab National Bank, Alinma Bank, Banque Saudi Fransi, Samba Financial Group, and Saudi British Bank at a combined value of SAR 4.245 billion ($1.132 billion).

The other banks include Arab Petroleum Investment Corporation (APICORP), First Abu Dhabi Bank, The Saudi Investment Bank, and Bank AlJazirah.

Ma’aden owns 74.9% in MBAC, while the US-based Alcoa Corporation owns the remaining 25.1% stake.