Saudi Chemanol restructures $126.66mln loans with local banks

The repayment period of the outstanding loans will be extended by an additional six years

  
Riyadh –  Methanol Chemicals Company (Chemanol) penned an agreement to restructure outstanding loans worth SAR 475 million with a consortium of local banks.

The banks are the Gulf International Bank (GIB), the Saudi British Bank (SABB), Riyad Bank, and Samba Financial Group, according to a stock exchange statement on Sunday.

The repayment period of the outstanding loans will be extended by an additional six years until 2028 instead of 2022.

This will decrease Chemanol’s annual financing costs and improve the cash flows, supporting the company's financial position and strategic objectives.

Source: Mubasher

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