Chemanol restructures loans worth SAR 637 mln

Methanol Chemicals Co. (Chemanol) signed on Sunday an agreement to restructure SAR 636.7 million worth of short-and-long-term facilities with a consortium of banks, the company said in a statement to Tadawul on Monday.

The agreement includes restructuring of outstanding balance of SAR 327.7 million from a Murabaha refinancing facility agreement worth SAR 832 million.

The Saudi British Bank (SABB), Riyad Bank, Samba Financial Group and Gulf International Bank (GIB) are part of the consortium for the bilateral loan totaling SAR 309 million.

Repayments will be made by Chemanol in 10 biannual installments commencing from June 28, 2018 with the final payment due on December 31, 2022, the company added.

The restructuring will support Chemanol’s current financial position and help it achieve its future strategic objectives, the firm’s chief executive Saud Al Sanea said.