Basic Chemical amends credit facility agreement with Arab Bank to be SR412 mln

Basic Chemical Industries Company announced on Tuesday the signing of Credit Facility Amendment contract with Arab National Bank. The previous credit facility limits SR262M (Two Hundred Twenty-Six Million Saudi Riyal). The amended credit facility limits SR412M (Four Hundred and Twelve Million Saudi Riyal).
The company said in a statement on Tuesday on Tadawul that the repayment period for the previous tawarruq financing is 10 years and one month, while the repayment period for tawarruq finance after the amendment is 12 years and four months, indicating that there are no related parties.
The previous repayment plan, 20 equal instalments start on 31/12/2022 and ends on 30/9/2027. The amended repayment plan, 28 non-equal instalments start on 31/03/2023 and ends on 31/12/2029.