Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) announced that its 50%-owned subsidiary, Sahara & Ma’aden petrochemicals company (SAMAPCO), signed an Islamic facility agreement with a number of local banks.
The SAR 2.25 billion ($600 million) facility will be used to refinance the company’s existing debt, Sipchem said in a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.
The company noted that the new facility will replace the existing debt, with more favourable terms.
The 12-year Murabaha facility will be repaid in 24 semi-annual scheduled installments starting from 31 December 2019, the statement said.
It is worth noting that Sahara & Ma`aden Petrochemicals Company is 50% owned by Saudi Arabian Mining Company (Ma’aden) and 50% owned by Sahara Petrochemical Company.