Yamama Cement Co. signed on Monday an agreement with the National Commercial Bank (NCB) and Samba Financial Group to obtain a SAR 1 billion sharia-compliant credit facility, the company said in a statement to the Saudi bourse.
The cement maker will get SAR 750 million from NCB and SAR 250 million from Samba under a three-year contract, ending on Jan. 2, 2020.
The loan was taken against promissory notes, and will be used to partially finance a new cement factory.
In November 2015, the company signed a SAR 2.7 billion contract with Germany’s ThyssenKrupp Industrial Solutions to build two cement production lines to produce 20,000 tons of clinker a day, Argaam reported.
Other facilities in the SAR 4.2 billion project include a SAR 470 million power station, a SAR 420 million gas project, SAR 230 million crude project, a SAR 300 million residential compound, and SAR 30 million roads.
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