Saudi-based Najran Cement Company has announced that it has obtained a long-term sharia-compliant bank financing worth SR278.5 million ($74.1 million) from Al Rajhi Bank along with a short-term financing (revolving loan on demand) of SR50 million ($13.3 million) to finance the working capital.
The reason for the long-term financing is to fully settle the only existing long-term loan amounting to SR278,500,000, while the reason for the short-term loan is to finance the working capital if needed, stated Najran Cement Company in its filing to Saudi bourse Tadawul.
The Saudi cement major said the sharia-compliant bank financing will have to be repaid within seven years in semi-annual installments with a grace period of 6 months.
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