Alujains subsidiary NATPET signs US$ 20 million Revolving Credit Facility Agreement

09/10/2012 Argaam

Alujain Corporation announces that on 22 DhullQada 1433H corresponding to 8 October 2012 its subsidiary National Petrochemical Industrial Company (NATPET) signed a US$ 20 Million three (3) year Revolving Credit Facility Agreement with The Saudi Fund for Development under the Saudi Export Program. The purpose of this Facility is to support Natpet's worldwide exports.

NATPET has provided corporate guarantee against the Facility.

 

Natpet has provided the usual guarantees to The Saudi Fund for Development as follows:

a. Corporate Guarantee that Natpet is committed to pay all the dues on time

b. Natpet commits to cover the associated political and commercial risks for their exports

c. Natpet signs Promissory Notes to effect payment on the due date as stipulated on each promissory note

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