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Saudi Kayan pays final instalment of $6bn senior loans

Saudi Kayan pays final instalment of $6bn senior loans
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Riyadh – Mubasher: Saudi Kayan Petrochemical Company paid $644 million (SAR 2.40 billion) as the last instalment of the senior loans worth $6 billion (SAR 22.50 billion) ahead of the scheduled plan.

The Tadawul-listed company fully settled the loans, which were secured from a number of banks and financial institutions on 31 May 2008, according to a bourse filing.

The facility agreements aimed to finance part of the expenses of Saudi Kayan’s complex in Jubail Industrial City. They held a maturity period of 15 years.

Saudi Kayan expected that the final payment will lower the financial costs by nearly SAR 54 million.

This month, Saudi Kayan obtained a SAR 3 billion loan from Saudi National Bank (SNB) to support its working capital and foster financial efficiency.

In the first nine months (9M) of 2022, the firm turned to net losses after Zakat and tax worth SAR 452.77 million, versus net profits of SAR 1.94 billion in the year-ago period.