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RIYADH: Methanol Chemicals Co., known as Chemanol, has paid off SR400 million ($107 million) of its existing loans it obtained to fund the methanol plant expansion project.
The repayment will reduce the company’s financial costs leading to a positive financial impact in the coming years, according to a bourse filing.
Earlier in July, Chemanol secured Shariah-compliant financing worth SR695 million from Banque Saudi Fransi and Alinma Bank to finance the planned plant expansion.
In a different development, the company announced the resignation of its CEO Ali Mohamed Al-Asiri on Aug. 31 and the appointment of ex-Aramco member Habes Al Shammary as chief operating officer.