Riyadh – Mubasher: Basic Chemical Industries Company (BCI) has signed credit facility agreements at a total value of SAR 537 million with Arab National Bank (ANB) and Gulf International Bank (GIB).
The Saudi firm penned an amended facility deal with ANB to obtain SAR 412 million, instead of SAR 262 million, according to a recent bourse filing.
The loan, which holds a tenor of 12.4 years, will be used to partially finance the cost of building a factory for chlorine and its derivatives in Jubail Industrial City.
Meanwhile, BCI inked a one-year revolving facility agreement with GIB at a value of SAR 125 million to finance its working capital and treasury facilities.
It is worth mentioning that the two loans are guaranteed by promissory notes.
Last June, the company named Abdullah Muhanna Al Moaibed and Suleiman Abdullah Al Qadi as the board’s Chairman and Vice Chairman, respectively.
It is worth noting that during the first half (H1) of 2022, ANB generated SAR 1.35 billion in net profit, higher by 28.76% year-on-year (YoY) than SAR 1.05 billion.
