Najran Cement Co. — Capital/Financing Update 2020

Jul 1, 2020

Najran Cement announces full pre-settlement of existing loan

3002 · 01/07/2020 09:48:23 · Announcement #59582 · View on Saudi Exchange

Najran Cement announces full pre-settlement of existing loan

Element List	Explanation
Announcement Detail	Najran Cement Company announces that it made a request to Banque Saudi Fransi for a full pre-settlement of the remaining amount of its existing loan facility which was provided to finance the Waste Heat Recovery (WHR) project with a total repayment of SR 45 Million which was supposed to be paid in three instalments falling due on 31 Dec 2020, 31 Mar 2021 and 30 Jun 2021.

The request was approved by Banque Saudi Fransi and full pre-settlement was made on 30 June 2020 using Company's own resources. Thus, the company has finished paying the entire loan amount.

It is worth mentioning that this transaction comes in accordance with Board of Directors’ decision and in line with the company’s strategy aimed at improving financial efficiency of the Company. As a result of executing this full pre-settlement, the company will have completed the last step of organizing its balance sheet, thus it has currently only one loan of SR 355 million to be paid in easy installments over a period of 5 years which will strengthen the financial position of the Company and support its cash flows in the coming periods.

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.