Najran Cement’s debt restructuring driven by potential market slowdown: CEO

15/02/2018 Argaam

 

Najran Cement Co’s loan rescheduling agreement inked this week with Banque Saudi Fransi (BSF) is driven by expectations of a slowdown in the cement market, which may weigh on the company’s profitability, CEO Badr Jawhar told CNBC Arabia.

 

The Saudi cement producer, therefore, cut its financial liabilities to bolster liquidity, he said.

 

Najran Cement has also asked BSF to reconsider the interest rates on loans, but there are no developments in this regard, the CEO added.

 

“Cement demand has fallen by 30 percent in the Southern Province, double the rate in the whole industry, while selling prices have decreased due to tough competition,” Jawhar said.

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