An affiliate company to Sahara International Petrochemical Company (Sipchem) has signed agreements to secure SAR 1.52 billion in financing from Banque Saudi Fransi and Al Rajhi Bank.

With an eight-year maturity, the new loan will be used to refinance an existing syndicated bank facility, providing more favourable commercial terms and competitive pricing which will support the reduction of finance costs, according to a bourse filing.

The two banks finalised the financing deals with Sahara and Ma'aden Petrochemicals Company (SAMAPCO), an affiliate of Sipchem's subsidiary Sahara Petrochemicals Company.

Signed on 12 May 2024, the agreements with the banks also include a revolving Islamic Murabah facility amounting to SAR 200 million with each bank to support the company's working capital and general purposes.

Sipchem posted a net profit of SAR 181.50 million in the first quarter (Q1) of 2024, down from SAR 470.30 million.

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