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DUBAI, Aug 8 (Reuters) - Saudi Kayan Petrochemical Co said on Tuesday it had secured a $1.2 billion Islamic loan from National Commercial Bank (NCB) to help repay a previous facility with the lender that matures next week.
The company, an affiliate of Saudi Basic Industries Corp , said the new loan was for five years, replacing the seven-year loan of the same size it signed with NCB in August 2010. That loan will expire on Aug. 16.
Kayan beat analysts' forecasts last month with a 149 percent rise in second-quarter net profit to 242 million riyals ($65 million), citing higher volumes and prices and improved operating performance.
In Tuesday's statement, Kayan said it had secured an additional $150 million facility with NCB to finance existing expansion projects, including increasing ethylene production capacity.
($1 = 3.7501 riyals)
($1 = 3.7501 riyals)
(Reporting By Hadeel Al Sayegh; Writing by Tom Arnold; Editing by Susan Fenton) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
The company, an affiliate of Saudi Basic Industries Corp , said the new loan was for five years, replacing the seven-year loan of the same size it signed with NCB in August 2010. That loan will expire on Aug. 16.
Kayan beat analysts' forecasts last month with a 149 percent rise in second-quarter net profit to 242 million riyals ($65 million), citing higher volumes and prices and improved operating performance.
In Tuesday's statement, Kayan said it had secured an additional $150 million facility with NCB to finance existing expansion projects, including increasing ethylene production capacity.
($1 = 3.7501 riyals)
($1 = 3.7501 riyals)
(Reporting By Hadeel Al Sayegh; Writing by Tom Arnold; Editing by Susan Fenton) ((Tom.Arnold@thomsonreuters.com; +97144536265; Reuters Messaging: tom.arnold.thomsonreuters.com@reuters.net))
