Alujain Corp. — Capital/Financing Update 2007

Apr 7, 2007

Alujain announces that its subsidiary NATPET has achieved the financial close to start drawing down on the commercial loan.

2170 · 07/04/2007 09:44:55 · Announcement #10611 · View on Saudi Exchange

Alujain announces that its subsidiary NATPET has achieved the financial close to start drawing down on the commercial loan.

Alujain Corporation announced that its subsidiary National Petrochemical Industrial Company (NATPET), where it holds a 57.4% equity, has achieved the financial close on 16/03/1428 corresponding to 04/04/2007 and satisfied all requirements and conditions to start drawing down on the commercial loan concluded between NATPET and a group of international and local banks for the amount of approximately SR1541 million to finance the Propylene/Polypropylene Complex being built in Yanbu Industrial City.

The financial close was reached and concluded on Wednesday, 4th April 2007. This constitutes a vast step forward for the project where over 90% of engineering; procurement and construction activities have been completed as of today. Mechanical works are expected to be completed within 3 months.

On the other hand, the Public Investment Fund (PIF) also agreed to extend, to NATPET, a loan the amount of which is being discussed between the two parties. In the light of that, the loan agreement between the two parties will be finalized. Consequently, the amount of the above-mentioned commercial loan will be reduced by the final loan amount agreed upon between the PIF and NATPET

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