Saudi Arabia private petrochemicals firm Advanced Petrochemical Company announced on 29 May that it had obtained “a sharia-compliant Islamic credit facility with competitive prices in the amount of (2,200,000,000) Saudi Riyals [$587mn] from Alawwal Bank to pay back the existing credit facilities and financing general corporate purposes.”

In an announcement to the Saudi Tadawul bourse, the firm added that it will use the funds for the purpose of paying back existing credit facilities “and financing general corporate purposes…the new credit facility will have a positive financial impact by obtaining better commercial terms and competitive prices.” (CONTINUED - 334 WORDS)