Reference to the companys announcement in Tadawul on 25/01/1433 Hijri (20/12/2011 G), Sahara Petrochemicals Company declares that the affiliates of Tasnee & Sahara Olefins Company (TSOC), Saudi Acrylic Acid Company Limited (SAAC), Saudi Acrylic Monomers Company Limited (SAMCO) and Saudi Superabsorbent Polymers Company Limited (SAPCO) have completed today Tuesday 17/06/1433 Hijri (08 May 2012 G) the signing of the Sharia compliant financing agreements with a value of SR 5.085 Billion with the following Saudi banks: Al-Rajhi Bank, Inma Bank, Riyad Bank, Samba Financial Group, Saudi British Bank (SABB), Banque Saudi Fransi, National Commercial Bank (NCB) , Saudi Hollandi Bank and Al-Jazeera Bank.
The financing cost is in compliance with the companys position.
The amount will be used in financing the companys projects in the Acrylic Acid and its derivatives project located in in Jubail Industrial city with the partnership with Dow and Evonik of Germany.
The project is expected to commence operation in the first quarter of 2013.
These loans shall be guaranteed by promissory notes and their period is 16 years to be repaid on a half-yearly installment basis.
Sahara Petrochemicals Company would like to clarify that the completion of signing the loans agreements with Saudi banks only reflects the trust in their ability to execute such distinguished mega projects.
It is worth mentioning that Sahara owns directly and indirectly 43.16% in SAAC and it owns indirectly 32.37% in both SAMCO and SAPCO.
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