Maaden signs Islamic finance agreement

28/11/2012 Tadawul

The caustic soda and ethylene dichloride project is a 50:50% joint venture between Ma'aden and Sahara Petrochemicals with production starting in the first quarter of 2013. Any additional information we will announce in due course. 
 

Further to the Companys announcement on 30/04/2012G corresponding to (09/06/1433H) Saudi Arabian Mining Company (Maaden) announces that its affiliate, Sahara & Maaden Petrochemicals Company (SAMAPCO), has signed today [28/11/2012] Sharia complaint financing agreements for a total amount of SR 1980.75 million (USD 528.2 million). The agreements were signed with three Saudi banks: The Saudi British Bank, Banque Saudi Fransi and Riyad Bank, to provide the financing for the development of SAMAPCOs Ethylene Dichloride and Caustic Soda petrochemical project located in Jubail Industrial City. The financing is for a period of 15 years with unequal semi-annual repayments commencing after the completion of the project. Promissory Notes were provided to effect payments due as per the agreements. 
SAMAPCO is a 50:50 joint venture between Ma'aden and Sahara Petrochemicals with production due to commence in the first quarter of 2013.

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