Sipchem announces that one of the companies it owns 30% of its shares through its fully owned subsidiary
Monday, December 16, 2019
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ELEMENT LIST EXPLANATION
Introduction InoChem is a closed joint stock company 30% owned by Sahara Petrochemicals Company (a wholly owned subsidiary of Sipchem). InoChem will build, own, and operate an industrial complex in Ras Al-Khair Industrial City to produce soda ash in two grades (light and dense) and calcium chloride. The total production capacity in its first phase is expected to be 600 thousand tons per annum, making it the largest producer of these products in the GCC. Production startup is expected during the first half of 2022.
Date of Receiving the Credit Facility 2019-12-15 Corresponding to 1441-04-18
Financier Al-Inma Bank and Al-Bilad bank
Credit Facility value SAR 875 Million – long term loan

 

SAR 825 Million – SIDF bridge loan

Credit Facility duration 13 years
Guarantees Provided for Credit Facility 1- Project completion cost overruns guarantee

 

2- Debt service for the first 2 operating years

Based on Sipchem ownership in InoChem

Purpose of the Credit Facility To finance developing, constructing, owning and operating an industrial complex in Ras Al-Khair Industrial City to produce soda ash in two grades (light and dense) and calcium chloride in two grades
Related Parties N/A