Najran Cement obtains SAR 328.5 mln Shariah-compliant credit facility from Al Rajhi Bank

Logo of Najran Cement Co.

Najran Cement Co. obtained a long-term Shariah-compliant financing worth SAR 278.5 million from Al Rajhi Bank, in addition to a short-term demand revolving loan worth SAR 50 million, the company announced today in a bourse statement. 

The long-term facility will be repaid within seven years in semi-annual installments, with a six-month grace period, the company added, noting that the facility is secured with a promissory note covering full exposure. 

The long-term financing is to fully settle the only existing long-term loan worth SAR 278.5 million, while the short-term loan is to finance the working capital, if needed. 

There are no related parties involved in the transaction, the statement noted.