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21/01/2015 15:04 AST
Saudi Arabia's Sahara Petrochemical Company said its subsidiary Al Waha Petrochemicals had secured SR1.96 billion ($522 million) from two local lenders to refinance an existing Islamic loan.
The previous loan amount wasn't given but the firm said the deal had been signed in 2006 with a number of commercial lenders and two government funds -- the Public Investment Fund and the Saudi Industrial Development Fund -- during the project phase.
The new loan had more favourable pricing and conditions than the existing deal. The facility was provided by Saudi British Bank and Banque Saudi Fransi and lasts until the end of 2026, Sahara said in the statement.
The company also signed a revolving Murabaha-structured facility worth SR375 million from Saudi British Bank for one year, which can be renewed yearly to support the working capital and the company's general operations, it said.
Murabaha is a cost-plus sale arrangement which is commonly used in many parts of the Islamic world.
Reuters
27/01/2016
Sahara announces to its shareholders the developments of proceeds from the rights issue received on 23/12/2011G. Up to the end of the fourth quarter of 2015 the company has used the following amounts
Tadawul
24/12/2014
The Board of Directors of Sahara Petrochemical Co. meeting was held under the Chairmanship of H.E. Abdulaziz A. Al-Zamil Today December 24, 2014 has recommended the distribution of dividends to the s
Tadawul
18/08/2014
Saudi Arabian petrochemical producer Sahara Petrochemical Co. said a shutdown in polypropylene output at its subsidiary Al-Waha Petrochemicals may reduce profit in the third quarter by nearly SR9 mil
Arab News
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21/01/2026
The CEO of Saudi Aramco, Engineer Amin Nasser, on Tuesday revealed fundamental transformations in the company's financial and operational performance thanks to the adoption of artificial intelligence
Asharq Al Awsat
21/01/2026
QNB Group, the largest financial institution in the Middle East and Africa (MEA), has become the first bank in the region to exceed a banking brand value of $10bn, a major milestone driven by constan
Gulf Times
21/01/2026
Qatar Gas Transport Company (Nakilat) has delivered a net profit of QAR1.69 billion ($463.75 million) in FY2025, representing an increase of 3.1% compared to QAR1.64 billion ($450 million) in 2024, r
Trade Arabia
21/01/2026
Ajman Bank has welcomed a new group of employees who have joined the organization as part of its ongoing Emiratization and talent development journey, reinforcing the Bank's long-term commitment to b
Khaleej Times
21/01/2026
Al Salam Bank marks its 20th anniversary, celebrating two decades of strategic evolution, institutional resilience, and sustained leadership within Bahrain's banking sector.
Since its estab
Khaleej Times
Financial Information Co.
Saudi Arabia