Riyadh – Mubasher: Saudi Kayan Petrochemical Company has unveiled its strategy for the payment of loans and reduction of the cost of finance.

Kayan stated that it would take a raft of measures that contribute to the realisation of the company’s vision and boosting its financial efficiency through the paying and rescheduling of loans, according to a bourse statement released on Wednesday.

The Tadawul-listed company will fully pay SAR 1.125 billion debt owed to Samba Financial Group and SAR 2 billion debt owed to Banque Saudi Fransi (BSF).

Saudi Kayan announced that it was planning to close agreements to reschedule subordinate loans.

The positive financial impact of the payment of loans and the rescheduling of subordinate loans will appear in the company’s statements for the second six months of 2019 and the full year 2020, the company added in a statement.

Kayan turned to losses in the first quarter of 2019, against generating profits in the year-ago period.