Methanol Chemicals Company announces that it has signed today Sunday Rajab 3rd, 1432 H Corresponding to June 5, 2011 a Murabaha Refinancing Facility Agreement compatible with the Islamic Shariah at a competitive rate with consortium of banks, namely SABB, Riyadh Bank and Samba for a total loan amount of SAR 832 million.
The Refinancing Facility Agreement includes restructuring of both the Cost Overrun Facility Agreement of SAR 326 million dated October 27, 2009 (announced in Tadawul website on 28 October 2009) and due on November 18, 2011, as well as the outstanding balance under the Project Murabaha Facility & the Working Capital Facility Agreement of SAR 506 million dated 26 December 2007. The company is liable to repay the sanctioned loan of SAR 832 million in 14 semi-annual installments ranging from SR 32 million to SR 55 million commencing from 15 July 2011 and ending 15 December 2017.
On this auspicious occasion, Companys Chief Executive Officer, Mr. Khalid bin Ibrahim Al-Rabiah informed that the Murabaha Refinancing Agreement was signed at a competitive rate with favorable terms, which supports the current financial position of the company and also serves the strategic objectives of the Company. He has also expressed his gratitude to the bankers for their valuable contribution in finalizing the Murabaha Refinancing Facility Agreement.
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