Advanced secures SAR 2.2 bln Islamic facility from Alawwal Bank
- Date: 29-May-2023
- Source: Argaam
- Sector:Financial Services
- Country:Saudi Arabia
Advanced secures SAR 2.2 bln Islamic facility from Alawwal Bank
Advanced Petrochemical Co. secured on May 28 a SAR 2.2 billion Shariah-compliant credit facility at a competitive rate from Alawwal Bank.
The loan term is five years and it is guaranteed by promissory notes, the petrochemical producer said in a statement to Tadawul.
Advanced will use this loan to pay back the existing credit facilities and finance general corporate objectives.
The new financing will have a positive impact as the company obtained better commercial terms and competitive rates, Advanced added, noting that there are no related parties to the agreement.
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