Nama Chemicals subsidiary seals SAR 100 mln credit facility deal with SAB

Logo of Nama Chemicals Co.

Nama Chemicals Co.'s subsidiary, Jubail Chemical Industries Co. (JANA), signed on Oct. 3 a deal with Saudi Awwal Bank (SAB), to renew Shariah-compliant credit facilities worth SAR 100 million.

The facilities are for a revolving period of six months and are renewable for a one-year term, according to a statement to Tadawul.

The purpose of the facilities, which are secured by a promissory note to the total facilities value, is to finance working capital.

There are no related parties to the deal, the statement added.

The facilities were renewed with a 59% increase in value from SAR 63 million previously in order to support the company's operations. With better terms, this increase will replace a credit facility with a commercial bank that was not renewed.