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Basic Chemical Industries Co. Announces Obtaining a Saudi Industrial Development Fund (SIDF) loan.
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BCI
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1445/06/05 18/12/2023 08:44:33
| Element List | Explanation |
|---|---|
| Introduction | The Basic Chemical Industries Company announces that the Chemicals Marketing and Distribution Company Limited (a subsidiary) has obtained an industrial loan from the Saudi Industrial Development Fund (SIDF) helping to finance the company’s project in Jubail Industrial City. |
| Date of obtaining the funding | 2023-12-17 Corresponding to 1445-06-04 |
| Financing entity | Saudi Industrial Development Fund (SIDF) |
| Financing amount. | SAR 376,000,000 (Three Hundred seventy-six Million Saudi Riyals) |
| Financing duration. | 7 years, 3 months starts on October 8th, 2025. |
| Guarantees offered for the financing | 1- Mortgage on all fixed assets of the project. 2- Corporate guarantee covering 100% of SIDF loan from Basic Chemical Industries Company. |
| Financing objective | Strengthening the company’s financial position by repaying approximately 90% of the current commercial loan (that was obtained to help financing the company’s project in Jubail Industrial City) and replacing it with a Saudi Industrial Development Fund loan (SIDF) at a lower cost and with more flexible repayment terms, which contributes to strengthening Profitability and improved cash flows. |
| Related Parties | N/A |
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.
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