Tabuk Cement restructures SAR 381 mln loan from Bank Albilad

Tabuk Cement Co. signed today, March 17, an agreement to restructure the Sharia-compliant credit facilities, worth SAR 380.82 million, with Bank Albilad, to suit its cash flow conditions and will have a positive impact by enhancing the company’s performance during the next 6 year

The company said in a statement to Tadawul that the total facility amounted to SAR 476.03 million, with 4 installments, amounting to SAR 95.21 million, already being paid.

The previous bank credit repayment period is 6 years, one of which is a grace year that started from March 13, 2018, until March 13, 2019. The payment of installments started on June 13, 2019, and was scheduled to end on March 13, 2024 in 20 installments payable quarterly.

The period of the rescheduled balance is 6 Gregorian years, with the first installment starting from June 13, 2020, until March 13, 2026, in 24 installments payable quarterly. The facilities have been secured by a promissory note.

The financial impact of the agreement will reflect starting from Q2 2020 earnings, the statement noted.