Advanced secures SAR 2.2 bln Islamic facility from SABB

29/05/2023 Argaam
Headquarters ofAdvanced Petrochemical Co.

Headquarters of Advanced Petrochemical Co.

Advanced Petrochemical Co. secured on May 28 a SAR 2.2 billion Shariah-compliant credit facility at a competitive rate from Saudi British Bank (SABB).

 

The loan term is five years and it is guaranteed by promissory notes, the petrochemical producer said in a statement to Tadawul.

 

Advanced will use this loan to pay back the existing credit facilities and finance general corporate objectives.

 

The new financing will have a positive impact as the company obtained better commercial terms and competitive rates, Advanced added, noting that there are no related parties to the agreement.

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