Eastern Cement secures SAR 1B Shariah-compliant credit facilities from BSF

Logo of Eastern Province Cement Co.

Eastern Province Cement Co. obtained Shariah-compliant credit facilities worth SAR 1 billion from Banque Saudi Fransi (BSF), according to a statement to Tadawul.

These 10-year facilities were secured at competitive prices and guaranteed by promissory notes, the statement added.

The credit facilities will be used to finance establishing a new production line with a capacity of 10,000 tons per day to replace some current production lines and to finance the company's working capital.

The deal has no related parties, the statement added.