Methanol Chemicals Company (Chemanol) signed SAR 832 million Shariah-compliant refinancing deal with three local banks, SABB, Riyad Bank and Samba, today to meet earlier debt maturity obligations.
The murabaha refinance deal includes a restructuring of SAR 326 million loan which matures on November 18, 2011, and a remaining debt from an earlier SAR 506 million facility signed in December 2007.
The refinance deal will bolster Chamanol’s financial position and strategic objectives now and in the future, said CEO Khalid Bin Ibrahim Al Rabiah.
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