Riyadh – Mubasher: Methanol Chemicals Company (Chemanol) announced on Monday the signing of an agreement to restructure all of its short term and long term loan liability including Murabaha refinancing facility agreement and bilateral loan agreement compatible with the Islamic Shariah.
The agreement was signed with a group of banks, namely the Saudi British Bank (SABB), Riyadh Bank, Samba Financial Group and Gulf International Bank (GIB), for a total loan amount of SAR 636.685 million with an increase of murabaha margin starting from the signed date.
“This new restructuring of Murabaha agreement will support the current financial position of the company and also serves the future strategic objectives of the Company,” CEO, Saud Bin Abdullah Al Sanea, said.
The new facility agreement includes the restructuring of the outstanding balance of SAR 327.685 million from the Murabaha refinancing facility agreement of SAR 832 million, signed on 5 June 2011, and the bilateral loan of SAR 309 million, according to a bourse filing.
Under the deal, the company is committed to repay the new restructured Murabaha refinancing facility along with bilateral agreement of SAR 636.685 million in 10 semi-annual instalments as of 28 June 2018 and final repayment on 31 December 2022.
