Sipchem announced that Sahara and Maaden Petrochemicals Company (SAMAPCO), Sipchem and Maaden's equally owned subsidiary, signed a murabaha facility worth SAR2.25bn with local banks to refinance existing debts. These local banks are: i) Saudi British Bank; ii) National Commercial Bank; iii) Riyad Bank; iv) Bank Al-Bilad; and v) Banque Saudi Fransi. This new debt will replace the existing debt but with better terms. The murabaha facility will have a duration of 12 years, to be repaid on 24 semiannual instalments starting 31 Dec 2019.
Maaden: SAR48.50 as of 24 Jun. 2019, Rating: Neutral, TP: SAR47.00/share, MCap: USD15,111mn, MAADEN AB/1211.SE
Sipchem: SAR20.36 as of 24 Jun. 2019, Rating: Buy, TP: SAR26.00/share, MCap: USD3,981mn, SIPCHEM AB/2310.SE
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