Methanol Chemical Co Chemanol announces received today Sunday 07 February 2016 the approval of the Saudi Industrial Development Fund SIDF issued on 04 febrauary 2016 for restructuring the remaining instalments of the loan amounting to SAR 385 into 9 instalments. Accordingly the first payment will be due on 15/04/1438 H. and the last payment on 15/02/1442 H. The amounts of the payments range from SAR 25 million to SAR 50 million. It is worth to mention that the principal of the loan which issued on 2008 is SAR 703 million out of which SAR 318 million has been paid.
HE Mr Khalid Bin Ibrahim Al Rabiah CEO of Chemanol has confirmed that the rescheduling of the SIDF s loan aims at supporting the financial position of the company in line with its cash flows.
Mr Al Rabiah highly appreciated the cooperation and support of SIDF Management for the Industrial Sector in serving the public interest. He extended his thanks and appreciation to HE Director General of the Fund for supporting the company plans to strengthen its financial position.
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