Yamama Cement secures Shariah-compliant credit facilities from Alinma Bank

Cement bags by Yamama Cement

Yamama Cement Co. secured today, March 27, Shariah-compliant credit facilities worth SAR 800 million from Alinma Bank.

The facilities are divided into three tranches. The first is a 10-year financing valued at SAR 500 million. A medium-term tranche is worth SAR 200 million and is valid for eight years.

The third tranche is a short-term, 12-month revolving loan. It is valued at SAR 100 million, Yamama Cement said in a statement to Tadawul.

The cement producer will use the facilities to refinance existing liabilities, capital expenditures and finance working capital requirements to improve financial efficiency.

The facilities are guaranteed by a promissory note, the statement added.