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Saudi Arabian Mining Co. — Capital/Financing Update 2019
Jun 25, 2019
53264_rns_2019-06-25_7f1163fa-ef3d-470b-b95c-99907a0b21ce.html
Capital/Financing Update
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SAUDI ARABIAN MINING COMPANY (MA’ADEN) ANNOUNCES ITS SUBSIDIARY SAHARA & MA’ADEN PETROCHEMICALS COMPANY (SAMAPCO) HAS SIGNED FINANCING AGREEMENTS TO REFINANCE ITS EXISTING DEBT
1211 · 25/06/2019 08:43:35 · Announcement #55384 · View on Saudi Exchange
SAUDI ARABIAN MINING COMPANY (MA’ADEN) ANNOUNCES ITS SUBSIDIARY SAHARA & MA’ADEN PETROCHEMICALS COMPANY (SAMAPCO) HAS SIGNED FINANCING AGREEMENTS TO REFINANCE ITS EXISTING DEBT
| Element List | Explanation |
|---|---|
| Introduction | Further to the Company announcement on 14/01/1434H corresponding to (28/11/2012G) |
| Date of receiving Credit Facility | 2019-06-24 Corresponding to 1440-10-21 |
| Creditor | Local commercial banks: Saudi British Bank, The National Commercial Bank, Riyad Bank, AlBilad and Banque Saudi Fransi |
| Credit Facility value | SAR 2,250 billion (USD 600 million) |
| Credit Facility duration | Murabaha facility for 12 years to be repaid in 24 semi-annual scheduled installments starting on 31 December 2019. |
| Guarantees provided for credit facility | No corporate guarantees. |
| Reason for Credit Facility | The new debt will replace the existing debt, with more favorable terms. |
| Related Parties | The Saudi Arabian Mining Company (Ma’aden) Board member Engr. Abdullah Al-Issa chairs Riyad Bank Board. Also, Mrs. Lubna Al-Olayan Chairs SABB bank. |
| Additional Information | Sahara & Ma`aden Petrochemicals Company is 50% owned by Saudi Arabian Mining Company (Ma’aden) and 50% owned by Sahara Petrochemical Company. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.