Riyadh – Mubasher: Sahara International Petrochemical Company (Sipchem) announced that its Acrylic Complex investee signed refinancing agreements with a consortium of local banks for an amount worth SAR 1.30 billion.
The financing duration has been extended from six years and 10 months, set to end on 31 December 2031, to a 15-year term ending on 17 February 2040, according to a bourse disclosure.
Meanwhile, Sipchem’s investees, through its subsidiary Sahara Petrochemical Company, are Saudi Acrylic Acid Company, Saudi Acrylic Monomers Company, and Saudi Acrylic Polymers Company, with direct and indirect ownership of 43.16%.
On the other hand, the banking consortium includes Alinma Bank, Al Rajhi Bank, Bank Aljazira, Banque Saudi Fransi, The Saudi National Bank (SNB), Saudi Awwal Bank (SAB), and Riyad Bank.
The total outstanding finance is SAR 3.07 billion, with the remaining balance settled against Acrylic Complex's available cash.
The financial impact of the refinancing will reflect on Sipchem's consolidated financial statements in the first quarter (Q1) of 2025.
During the first nine months (9M) of 2024, Sipchem recorded a 60.03% plunge in net profit to SAR 406.20 million, compared with SAR 1.01 billion in 9M-23.
