Sipchem’s affiliate signs agreements to refinance SAR 1.53B outstanding loan

Sahara International Petrochemical Co. (Sipchem) said that its affiliate, Sahara and Ma'aden Petrochemicals Co. (SAMAPCO) signed Islamic facility agreements to refinance its SAR 1.53 billion outstanding syndicated loan with Banque Saudi Fransi and Al Rajhi Bank.

These agreements also cover a revolving Islamic Murabaha facility amounting to SAR 200 million with each bank to support the company’s working capital and general objectives, Sipchem said in a statement to Tadawul.