Logo of Aljouf Cement Co.
Al Jouf Cement Co. signed an agreement to reschedule Shariah-compliant facilities with Saudi Awwal Bank (SAB) to support its operations, according to Tadawul website.
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The cement producer said the financing duration, before and after rescheduling, is seven years ending in 2031 instead of 2027, including a two-year grace period.
It indicated that the step seeks to support its operational and financial performance during the agreement duration.
The guarantees offered for the rescheduled financing are a promissory note and mortgage of portion of the company's assets.
There are no related parties to the deal, the statement said.
Al Jouf Cement signed an agreement with Alinma Bank on July 23 to reschedule Islamic facilities worth SAR 374 million, according to data available with Argaam.
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