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Eastern Province Cement Company announces the signing of credit facilities on competitive rates with Saudi National Bank, compliant with Islamic Sharia.
| Element List | Explanation |
|---|---|
| Introduction | Eastern Province Cement Company announces the signing credit facilities agreement on competitive rates with Saudi National Bank, compliant with Islamic Sharia, this agreement will contribute financing company's financial needs to implement the project of establishing a new production line in the company’s plant site with a production capacity of 10,000 tons/day to replace some of the current production lines, in addition to finance the company’s working capital. |
| Date of obtaining the funding | 2024-10-13 Corresponding to 1446-04-10 |
| Financing entity | Saudi National Bank |
| Financing amount. | Saudi Riyals Eight Hundred Fifty Million |
| Financing duration. | Nine years |
| Guarantees offered for the financing | 1- Promissory note. 2- Undertaking from the company to endorse the insurance policies of new production line project to the bank upon project completion. 3- Undertaking from the company to mortgage the equipment and machinery of new production line project to the bank upon project completion. |
| Financing objective | Contribution of financing company's financial needs to implement the project announced by the company on 07/01/2024 regarding the establishment of a new production line in the company's plant site with a production capacity of 10,000 tons/day and at a cost of Saudi Riyals 1,014,480,000 (US dollars 270,528,000) in addition to finance the company’s working capital. Noting that the amount of this facilities agreement is the maximum ceiling available to the company for financing and various types of banking services utilization, and the company will utilize these facilities within its need’s limitation. |
| Related Parties | None |
| Additional Information | These credit facilities were obtained on competitive teams and prices. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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