Chemanol reschedules SAR385mn of debt after SIDF approval
Chemanol has announced the approval of the Saudi Industrial Development Fund (SIDF) to restructure the remaining loans due to them from Chemanol, which currently stand at SAR385mn. The subject loan was obtained in 2008, with a total amount of SAR703mn, and the company repaid SAR318mn over the past few years. Based on the new terms, the remaining debt will be repaid over seven installments, with the first installment on 1 May 2018, and the last installment on 28 March 2021. It is worth noting that the rescheduling does not include any additional guarantees.
Chemanol: SAR6.90 as of 19 Mar. 2017, Rating: Sell, TP: SAR4.00/share, MCap: USD222mn, CHEMANOL AB/2001.SE
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