Advanced gets SAR 1.6 bln credit facilities from SNB

28/09/2023 Argaam

Advanced gets SAR 1.6 bln credit facilities from SNB

Production line at a factory of Advanced Petrochemical Co.

Advanced Petrochemical Co. secured a SAR 1.6 billion Shariah-compliant credit facility at competitive rates from Saudi National Bank (SNB) to finance general corporate purposes. 

 

The facilities have a tenor of five years and are secured by a promissory note, Advanced said in a statement to Tadawul.

 

The facilities, which have better commercial terms and competitive rates, will be used to finance the company’s general objectives.

 

There are no related parties to the agreement, Advanced added.

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