Najran Cement receives full SAR 355 mln credit facility from Bank Aljazira

08/06/2020 Argaam

 

Najran Cement Co. received today, June 8, the full amount of SAR 355 million of the Shariah-compliant credit facility from Bank Aljazira.

 

The facility will be paid within 5 years in semi-annual installments, with SAR 51 million paid annually in the first 4 years and the remaining amount in the fifth year.

 

The loan is guaranteed by a promissory note, in addition to a partial assignment of insurance policy as the first beneficiary, to cover 100% of the credit facility.

 

According to data compiled by Argaam, Najran Cement Co. signed in April a SAR 355 million Shariah-compliant credit facility agreement with Bank Aljazira.

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