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Eastern Province Cement Co. Announces Obtaining a contract with the Saudi Industrial Development Fund
| Element List | Explanation |
|---|---|
| Introduction | Eastern Province Cement Company announces the signing of a financing contract amounted to SAR 300 million with the Saudi Industrial Development Fund. The contract will contribute to financing the construction of a new production line at the company's plant with a production capacity of 10,000 tons/day, for replacing some of the existing production lines. |
| Date of obtaining the funding | 2025-10-26 Corresponding to 1447-05-04 |
| Financing entity | Saudi Industrial Development Fund |
| Financing amount. | Saudi Riyals Three hundred million |
| Financing duration. | Seven years |
| Guarantees offered for the financing | 1- Order Note. 2- Endorsement of insurance policies for the new production line project in favor of the Fund. 3- Mortgage of equipment and machinery associated with the new production line project in favor of the Fund. |
| Financing objective | Contributing to financing the project announced by the company on January 7, 2024, regarding the construction of a new production line at the company's plant with a production capacity of 10,000 tons/day, at a cost of SAR 1,014,480,000 (USD 270,528,000). Noting that the financing contract with the Saudi Industrial Development Fund represents an added value for the company and will be a priority as a source of financing, in addition to other financing sources available to the company, represented by facilities signed with commercial banks. The company will utilize facilities within required needs to achieves the minimum financing costs. |
| Related Parties | Nothing |
| Additional Information | On this occasion, the CEO of the Eastern Province Cement Company, Eng. Fahad Rashed Al Otaibi, expressed his thanks and gratitude to the Saudi Industrial Development Fund for its support to the company. |
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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