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Saudi Kayan Petrochemical agrees SAR 1.5bn deal with BSF

Saudi Kayan Petrochemical agrees SAR 1.5bn deal with BSF
The Sharia-compliant finance facility agreement has a duration of 8 years
BSFR
1050
-4.06% 33.10 -1.40
SAUDI KAYAN
2350
-2.81% 9.00 -0.26

Riyadh – Mubasher: Saudi Kayan Petrochemical Company has signed an eight-year Murabaha finance agreement with Banque Saudi Fransi (BSF), according to a statement to the Saudi Stock Exchange (Tadawul).

The Sharia-compliant SAR 1.5 billion finance facility aims to provide an alternative to the petrochemicals firm, reduce finance costs, and enhance financial efficiency, as per the company’s strategic goals that were revealed in June.

Kayan expects the deal to result in a SAR 25 billion decrease in costs during 2020 and the coming years.

It is worth noting that Saudi Basic Industries Corporation (SABIC) owns a 35% stake in Saudi Kayan Petrochemical.