Tabuk Cement Co. has extended its SAR 478.6 million loan with Bank Albilad by one year, ending March 13, 2019, the cement producer said in a bourse filing.
The company in March 2017 signed a Shariah-compliant loan facility agreement with Bank Albilad, under which it will receive a SAR 478.6 million loan that will pay for rescheduling two debts.
The first installment will be due on June 13, 2019, and the grace period will now be for two years instead of one.
The deals were based on the expected cash flows, which may increase the cost of financing.
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