Qassim Cement inks SAR 1.5B credit facility deal with SNB

The facilities are aimed to support the financing of the company's fourth production line project at its plant, in addition to financing the company's working capital

Qassim Cement Co. signed a Shariah-compliant credit facility agreement worth SAR 1.5 billion with Saudi National Bank (SNB).

In a statement on Tadawul, the Saudi-listed cement producer said the 10-year financing will support the financing of a fourth production line project at its plant, with a production capacity of 10,000 tons/day, replacing certain existing production lines.

This should contribute to the Kingdom's objectives to improve energy efficiency and environmental protection, in addition to financing the company's working capital.

The company also indicated that the necessary signatures for the credit facility deal, to which a promissory note was provided as collateral, were completed today, Dec. 22.