|21 October, 2019

Saudi Advanced Petrochemical secures $66.66mln murabaha loan from SAMBA

The murabaha was guaranteed by a promissory note

Image used for illustrative purpose. Multiple banknote on wooden table.

Image used for illustrative purpose. Multiple banknote on wooden table.

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Riyadh –  Advanced Petrochemical Company has signed an Islamic Murabaha Facility Agreement with SAMBA Financial Group valued at SAR 250 million.

The facility will be partially utilized to repay the Company’s Sukuk maturing on 17 November, in addition to meet working capital requirements, according to a bourse filing on Monday.

The facility tenor will extend for five years ending on 31 December 2024.

The company noted that the murabaha was guaranteed by a promissory note.

“The outstanding loan balance is due to be paid on the final maturity date at the end of the duration of the facility,” the statement highlighted.

Source: Mubasher

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