Maaden Aluminium inks deal to amend loan from Saudi PIF

18/12/2017 Argaam

 

Saudi Arabian Mining Co. (Maaden) said its subsidiary Maaden Aluminium Company has signed an agreement with the Public Investment Fund (PIF) to amend the terms of its existing loan.

 

The SAR 4.275 billion ($1.14 billion) loan will be repaid over a period of 14 years in 18 semi-annual scheduled installments, starting March 31, 2023.

 

Maaden Aluminium is 74.9 percent owned by Maaden and 25.1 percent owned by US-based Alcoa Corporation.

 

On Sunday, the company said it had signed financing agreements worth SAR 6.68 billion ($1.78 billion) with 14 commercial banks and financial institutions, to replace its existing debt. 

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