| Element List | Explanation |
|---|---|
| Introduction | Najran Cement Company announces that it has obtained a long-term Sharia-compliant bank financing from Al Rajhi Bank, with a value of SR 278,500,000 to be repaid within seven years in semi-annual installments with a grace period of 6 months. In addition, it has obtained a short-term financing (revolving loan on demand) of SR 50,000,000 to finance the working capital. |
| Date of obtaining the funding | 2022-05-31 Corresponding to 1443-11-01 |
| Financing entity | Al Rajhi Bank |
| Financing amount. | Long term financing of SR 278,500,000 and short-term financing of SR 50,000,000 on demand. |
| Financing duration. | 7 years |
| Guarantees offered for the financing | Promissory note covering full exposure. |
| Financing objective | The reason for the long-term financing is to fully settle the only existing long-term loan amounting to SR 278,500,000. While the reason for the short-term loan is to finance the working capital if needed. |
| Related Parties | None |
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