Chemanol refinances debt worth SR637m

30/08/2016 05:04 AST

Saudi Arabia's Methanol Chemicals Co. (Chemanol) has refinanced total Shariah-compliant debt worth SR636.7 million ($169.8 million), according to a bourse statement. Refinancing includes SR327.7 million balance from a SR832 million Islamic loan signed in 2011, as well as a SR309 million bilateral facility.

The refinancing will support the company's current financial position as well as future strategic objectives, according to CEO Saud bin Abdullah Al-Sanea.

Banks providing the cash are Saudi British Bank, Samba Financial Group, Riyad Bank and Gulf International Bank.

New murabaha has a higher profit rate than existing debts. Repayments to be made in 10 semi-annual instalments starting June 28, 2018, concluding on Dec. 31, 2022.


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