Nama Chemicals signs SAR 90 mln financing deals with NBK, Riyad Bank

19/12/2022 Argaam

Nama Chemicals signs SAR 90 mln financing deals with NBK, Riyad Bank

Logo of Nama Chemicals Co.

Nama Chemicals Co. signed today, Dec. 19, a Murabaha facility agreement worth SAR 60 million with National Bank of Kuwait (NBK) and a SAR 30 million Tawarruq facility agreement with Riyad Bank, according to a statement to Tadawul.

 

These will be six-month revolving facilities for a one-year renewable term. It underlined that they will both be guaranteed by a promissory note for the value of each facility.

 

The petchem producer also indicated that the facilities are aimed to finance working capital, in line with its strategy. It noted that there are no related parties.

 

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