NAMA Chemicals subsidiary renews credit facility agreement with Saudi Awwal Bank for SAR 100 mln

NAMA Chemicals Company announced on Wednesday that its subsidiary company, Jubail Chemicals Company (JANA), has signed a credit facility renewal agreement worth 100 million Saudi riyals, compatible with the provisions of Islamic Sharia, with Saudi Awwal Bank on October 03, 2023, this aims to Working capital financing.

The company said that the financing period is a six-month revolving facility for a period of one year (renewable), in exchange for a guarantee of a promissory note.

These bank facilities were renewed with an increase in value of 59%, compared to the previous value of 63 million Saudi riyals, with the aim of supporting the company operations. The increase in the facility limit will replace a previously announced agreement with one the Saudi commercial banks which was not renewed with better conditions.