Saudi Petchems Firms Secure Islamic Finance

Saudi Kayan and Advanced Petrochemicals have both completed Islamic financing deals. Saudi Kayan, whose end-3Q14 market cap was SR25bn ($6.67bn), has secured two loans worth almost SR2.63bn ($700mn) combined. Advanced, with an end-3Q14 capitalization of SR9.8bn ($2.61bn), has completed a SR1bn ($$267mn) sukuk.

Petrochemicals and chemicals producer Saudi Kayan, an affiliate of state-owned giant Sabic (see p8), has announced the completion of two sharia-compliant Murabaha loans with Saudi financial outfits: for SR1.5bn ($400mn) for up to 15 years with National Commercial Bank and for $1.125bn ($300mn) for up to 10 years with Samba Financial Group. (CONTINUED - 279 WORDS)