“Nama Chemicals” signed a financing agreement worth 339 million Saudi riyals with Al Jazira Bank

“Nama Chemicals” announced that it has signed a financing agreement that complies with the Islamic Shariah, worth 339 million Saudi riyals with Al Jazira Bank. “Nama” will use 263 million riyals of funding for the purpose of paying off the remaining credits of previous “Morabaha” contract with a group of banks. Meanwhile 70 million riyals will be used for the purpose of establishing the administrative building of the company .In addition, 6 million riyal will be used to facilitate the adoption of the document.

“Nama” explained that the financing agreement requires the company guarantees to provide 30% of funding by the restructuring of “Morabaha” loans and ensuring that 20% goes to funding for the administrative building.

“Nama chemicals” added that the loan repayment period extends to 5 years of funding for restructuring, with a refinement period of 2 years and 3 years of funding for the administrative building, with 2 years refinement period. Chief Executive, Abdulmohsen Al Ogaili, ensured that the agreement was in accordance with the refinancing rate with “Morabaha” and competitive terms and affordable costs aimed at supporting the company‘s financial condition and strategy projects.