National Industrialization Company announces the completion of the developments of its subsidiaries signed loan agreements with local banks
5/8/2012

National Industrialization Company announces that subsidiaries for Tasnee and SAHARA Olefins company which are – Saudi Acrylic Acid Co. Ltd., Saudi Acrylic Monomer Company Co. Ltd. and Saudi Acrylic Polymer Co. (high absorption) have been on Tuesday 8/5/2012 completed the signing of financing agreements which are compatible with Islamic Shariah with following banks: Al Rajhi Bank, Alinma bank, Riyad Bank, Samba Financial Group, Saudi British Bank, Banque Saudi Fransi, National Commercial Bank and Saudi Hollandi Bank and Aljazerah Bank. Funding was at prices compatible with the status of the company and its financial solvency.  The total amount was five billion and eighty-five million Saudi riyals to finance its investments in the project of acrylic acid and its derivatives in Tasnee complex of petrochemicals in Jubail Industrial City with the participation of Dow Company (DOW) and Evonik Company (Evonik). It is expected to start production in the complex from the first quarter of 2013. The period of these loans with banks will be for 16 years with payments made semi-annual installments which are not equal.

National Industrialization Company is pleased to make it clear that the completion of the signing of loan agreements with the participation of Saudi banks only, reflecting the confidence in their ability to implement this landmark project. Note that the National Industrialization Company owns a 52.3% (directly and indirectly) in the Saudi Company for acrylic acid and the proportion of 39.2% (indirect) in each of the
Saudi Acrylic Monomer Company and Saudi Acrylic Polymers Company.