Advanced secures SAR 2.2 bln Islamic facility from SABB
29/05/2023 Argaam
Headquarters of Advanced Petrochemical Co.
Advanced Petrochemical Co. secured on May 28 a SAR 2.2 billion Shariah-compliant credit facility at a competitive rate from Saudi British Bank (SABB).
The loan term is five years and it is guaranteed by promissory notes, the petrochemical producer said in a statement to Tadawul.
Advanced will use this loan to pay back the existing credit facilities and finance general corporate objectives.
The new financing will have a positive impact as the company obtained better commercial terms and competitive rates, Advanced added, noting that there are no related parties to the agreement.