Al Jouf Cement signs Islamic credit facility deal with SABB

10/03/2012 Argaam

Al Jouf Cement Company announced that it signed a five-year Islamic SAR 350 million facility with the Saudi British Bank (SABB) on 10/3/2012.

The loan is collateralized by a SAR 365 million promissory note and an insurance policy that covers the plant.

The loan will be paid back in seven installments, twice a year. The first tranche is expected to be drawn by the company in April 2012 and the first installment is to be paid in October 2014. The loan will part finance the setup of the company’s second production line and the electricity plant. The remaining cost for the two projects will be self-financed by the company.

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