Tabuk Cement secures credit facility

Tabuk Cement Company announces that it signed a finance agreement with Bank Al-Bilad as follows:

1.      The finance agreement was signed on 3/10/2013 by issuing letters of credit that convert into an Islamic credit facility during the supply period.

2.      The loan amount is SAR 500 million.

3.      Tenure is seven years from October 2013 to October 2020.

4.      The company plans to use the facility to finance the second phase of the new line which stands for 45% of the 5000 tonnes/day clinker line, electricity station and the desalination unit, and the remaining sum (SAR 600 million) was financed by company’s own resources.

5.      The loan is collateralized by a promissory note.