Riyadh-Mubasher: Saudi Chemical Co. said its subsidiary AJA Pharma has raised a short-term, Murabaha loan worth SAR 157.5 million from Gulf International Bank (GIB), the company said in a filing to the Saudi market.
Under the agreement signed on 15 September, Aja will abandon the financing of Saudi Industrial Development Fund for GIB.
The financing period extends for 12 months, and may be renewed for additional six months, the chemical producer added.
The facility will be used in funding the capital expenditures of Aja's plant.
