Riyadh – Mubasher: Saudi Kayan Petrochemical Company penned an agreement, on 16 March, to refinance Islamic Murabaha loans amounting to SAR 8.10 billion with certain local banks.
This deal aims to achieve several strategic objectives, including maximising cash liquidity, supporting the financial position, and providing greater financial flexibility, according to a bourse filing.
Moreover, the refinancing will improve solvency to achieve rewarding financial returns that help the company overcome challenges, manage risks, and expand shareholders' value.
The Saudi National Bank (SNB), Banque Saudi Fransi, and Alinma Bank acted as lead arrangers (syndication).
Meanwhile, the refinancing agreement will reflect on the company's financial statements starting from the first quarter (Q1) of 2025.
The net losses of Saudi Kayan dropped by 15.57% to SAR 1.80 billion last year from SAR 2.13 billion in 2023.
