The Gulf Time Newspaper One of the finest business newspapers in the UAE brought to you by our professional writers and editors.
DUBAI / Reuters
Saudi Kayan Petrochemical Co said on Tuesday it had secured a $1.2 billion Islamic loan from National Commercial Bank (NCB) to help repay a previous facility with the lender that matures next week. The company, an affiliate of Saudi Basic Industries Corp , said the new loan was for five years, replacing the seven-year loan of same size it signed with NCB in August 2010. That loan will expire on Aug. 16.
Kayan beat analysts’ forecasts last month with a 149 percent rise in second-quarter net profit to 242 million riyals ($65 million), citing higher volumes and prices and
improved operating perf-
ormance. In Tuesday’s statement, Kayan said it had secured an additional $150
million facility with NCB
to finance existing exp-
ansion projects, includ-
ing increasing ethylene
production capacity.