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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.
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