Saudi Kayan prepays SAR 1.68 bln loans, expects SAR 72 mln decline in costs

Saudi Kayan's building

Saudi Kayan Petrochemical Co. announced early repayment of SAR 1.68 billion, which represents part of its total existing loans, expecting a positive impact through a decrease in financial costs by approximately SAR 72 million.

In a statement to Tadawul, Saudi Kayan said this is part the company’s approach to achieve its strategic objectives and deal with changes in interest rates by reducing and optimizing the financial costs through the efficient utilization of cash and maximization of shareholders’ equity.

Accordingly, the current remaining loan agreements are in compliance with Shariah.