Chemanol obtains SIDF’s approval on rescheduling SAR 245 mln outstanding loan

23/03/2021 Argaam

Logo of Methanol Chemicals Co.

Methanol Chemicals Co. (Chemanol) announced today, March 23, 2021, receiving the Saudi Industrial Development Fund’s (SIDF) approval to reschedule the outstanding loan balance of SAR 245 million from the total loan of SAR 703.18 million.

 

According to the company’s statement on Tadawul, the agreement includes extending the repayment period for an additional year to end in 2022 instead of 2021.

 

Chemanol sought the rescheduling of the loan to support its financial position, the statement noted.

 

There have been no changes in the previous guarantees of the promissory note and the extension of the current mortgage on fixed assets.

 

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