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Nama Chemicals secures SAR 90m loans from Riyad Bank, NBK

Nama Chemicals secures SAR 90m loans from Riyad Bank, NBK
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Default Company
1010.O
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NBK
NBK
0.09% 1,120.00 1.00
NAMA CHEMICALS
2210
-1.06% 32.55 -0.35

Riyadh – Mubasher: Nama Chemicals Company obtained SAR 90 million facilities from Riyad Bank and the National Bank of Kuwait (NBK) on 19 December 2022, according to a bourse disclosure.

The Saudi firm penned a Murabaha facility deal worth SAR 60 million with the NBK, in addition to securing an Islamic tawarruq financing worth SAR 30 million from Riyad Bank.

In line with its strategy, Nama Chemicals will use the proceeds of the funding to finance its working capital.

The agreements are secured by promissory note guarantees with the value of each granted loan.

It is worth noting that the facilities hold a duration period up to one year, which can be renewed.

Earlier this month, Nama Chemicals’ unit Jubail Chemicals Company (JANA) signed a deal with a consortium consisting of Green Dimension Company and Confident Engineering International Company at a value of SAR 56.53 million.