Chemanol gets SIDF nod on SAR 385 mln loan rescheduling

Methanol Chemicals Co. (Chemanol) has obtained the approval of the Saudi Industrial Development Fund (SIDF) to reschedule its remaining SAR 385 million loan to support the company’s financial position.

Under the new agreement, the remaining sum will be paid in seven installments, starting from May 1, 2018 to March 28, 2021, Chemanol said in a statement to Tadawul on Sunday.

The new debt rescheduling agreement does not include any additional guarantees.

The chemical producer had earlier repaid SAR 318 million of the SAR 703 million worth of loan, which was secured in 2008.

In February, SIDF approved a nine-payment restructuring plan for that loan, Argaam earlier reported.