Maaden’s Waad Al Shamal secures SAR 2 bln loans

22/11/2018 Argaam

 

Saudi Arabian Mining Co.'s (Maaden) subsidiary Maaden Waad Al Shamal Phosphate Co. (MWSPC) signed on Nov. 22 two financing agreements worth SAR 1.9 billion with the Saudi Industrial Development Fund (SIDF) to complete its projects.

 

Under the first agreement, MWPSC will obtain SAR 1 billion loan to finance the construction of its sulfuric acid plant and power plant in Waad Al-Shamal city, Maaden said in a bourse statement on Thursday.

 

The facility will be repaid in 24 semiannual installments over 12 years, starting from Jun. 7, 2020.

 

The second loan worth SAR 900 million will be used for establishing MWSPC's DAP plant in Ras Al-Khair.  

 

The debt will be repaid in 20 semiannual installments starting from Jun. 7, 2020 over a period of ten years.

 

The plant assets will be mortgaged to SIDF, the statement added.

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