Riyadh – Mubasher: Saudi Arabian Mining Company (Ma’aden) on Thursday said that its 60% subsidiary, Ma’aden Wa’ad Al Shamal Phosphate Co, secured SAR 1.9 billion ($506 million) loans from the Saudi Industrial Development Fund (SIDF).
The value of the first facility stands at SAR 1 billion and will be used to establish sulfuric acid plant and power plant in Waad Al-Shamal city. The 12-year tranche will be repaid in 24 semiannual installments.
The second loan amounts to SAR 900 million and will be allocated for building the unit’s diammonium phosphate (DAP) factory in Ras Al-Khair city. This credit facility will be repaid in 20 semiannual installments over a ten-year period.
Ma’aden further indicated that assets of the two plants will be mortgaged to SIDF.
The parent firm owns a 60% stake in Ma’aden Wa’ad Al Shamal Phosphate Co, while Mosaic Company has a 25% stake, and the Saudi Basic Industries Corporation (SABIC) holds the remaining 15% stake.
Ma’aden last reported a 97.5% year-on-year profit surge in the third quarter of 2018, logging SAR 518.79 million, compared to SAR 262.64 million.
Ma’aden’s stock edged down 0.10% to finish Thursday’s trading session at SAR 47.70.
