Chemanol signs deal to restructure SAR 475 mln outstanding loans

28/02/2021 Argaam

Logo of Chemanol

Methanol Chemicals Co. (Chemanol) signed on Thursday, Feb. 25, 2021, an agreement with a consortium of local banks to restructure outstanding loans worth SAR 475 million.

 

The agreement was signed with Gulf International Bank (GIB), Saudi British Bank (SABB), Riyad Bank, Samba Financial Group (Samba), Chemanol said in a bourse statement. 

 

Under the agreement, the repayment period was extended by six years to 2028.

 

The loan restructuring will entail a decrease in annual finance costs and improve cash flows, which will support the company’s financial position and strategic objectives.

 

There have been no changes to the previous guarantees (a promissory note) provided earlier by the company, Chemanol concluded.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Most Read