The Advanced Petrochemical Company announced that it has obtained Islamic Murabaha facilities worth 1.5 billion Saudi riyals.
The company said in a statement to the Saudi market (Tadawul) today, Sunday, that it has signed an Islamic murabaha facility agreement with the financiers, namely: Riyad Bank (investment agent), Samba Financial Group , And Al-Rajhi Bank.
She explained that the use of the facilities will be based on actual withdrawals in line with the funding requirements.
She indicated that the agreement was signed last Thursday, July 9, 2020, where the financing period is five and a half years from the loan signing period ending on December 31, 2025. < / p>
She noted that the guarantees provided against financing are bonds of an order, explaining that the goal of the financing is to use these Islamic facilities to finance the expansionary projects of the company and its subsidiaries as previously announced. .
It is worth noting that the aforementioned Islamic facilities were concluded despite these difficult times due to the Corona virus epidemic and the global economic slowdown and to confirm lenders ’confidence in the capabilities and achievements of the advanced. p>
