Yamama Cement inks deal to increase facility to SAR 3.6 bln

20/06/2017 Argaam

Yamama Cement Co. signed today an agreement with the National Commercial Bank (NCB) and Samba Financial Group to increase secured facilities to SAR 3.6 billion from SAR 1 billion, and extend the maturity date to Jan. 2, 2025, the cement producer said in a statement to Tadawul.

 

Samba will provide 25 percent of the new facility, while the remaining 75 percent will be provided by NCB.

 

The loan was taken against promissory notes, and will be used to partially finance a new cement factory, with a daily production capacity of 20,000 tonnes of clinker.

 

The Saudi cement producer inked an agreement with the two banks in January to obtain a SAR 1 billion sharia-compliant credit facility under a three-year contract, ending on Jan. 2, 2020.

 

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