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Sipchem unit inks $600m Islamic facility with local banks

Sipchem unit inks $600m Islamic facility with local banks
The 12-year Murabaha facility will be repaid in 24 semi-annual scheduled installments
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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 local banks are Saudi British Bank, the National Commercial Bank, Riyad Bank, Bank Albilad, and Banque Saudi Fransi.

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.