Methanol Chemicals Company announces that it has signed on Sunday 25/11/1437 H corresponding to 28/08/2016 G the Restructuring of all its short term and long term loan liability which including Murabaha Refinancing Facility Agreement and Bilateral Loan Agreement, compatible with the Islamic Shariah with consortium of banks, namely SABB, Riyadh Bank, Samba and GIB, for a total loan amount of SAR 636.685 million with an increase of murhaba margin starting from the signed date.The new Facility Agreement includes the restructuring of the outstanding balance of SAR 327.685 million from the Murabaha Refinancing Facility Agreement of SAR 832 million, dated June 05, 2011 (announced in Tadawul website on June 5, 2011), and the bilateral loan of SAR 309 million. The company is liable to repay the new Restructured Murabaha Refinancing Facility along with Bilateral Agreement of SAR 636.685 million in 10 semi annual installments starting from 28 June 2018 and final repayment on 31 December 2022. On this auspicious occasion, Company Chief Executive Officer, Mr. Saud Bin Abdullah Al Sanea informed that this new restructuring of Murabaha Agreement will support the current financial position of the company and also serves the future 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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