Jouf Cement to get SAR 350 mln sharia-compliant loan from SABB

Jouf Cement Co signed an agreement Tuesday to get a SAR 350 million sharia-compliant loan from the Saudi British Bank (SABB) to extend a previous loan taken to fund a second production line and a power plant, the company said in a statement to Tadawul, the Saudi bourse.

The loan, or Murabaha contract, will be paid back over five and half years after 18 months grace period. Operations at the second production line will help pay back the loans, it added.