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Najran Cement Co. — Capital/Financing Update 2020
Apr 26, 2020
53339_rns_2020-04-26_b3a071f3-1191-4bf5-8cd4-75b4be6dd56c.html
Capital/Financing Update
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Najran Cement Co. Announces Obtaining a Najran Cement Company announces that it has signed a shariah compliant bank financing agreement
3002 · 26/04/2020 16:02:33 · Announcement #58707 · View on Saudi Exchange
Najran Cement Co. Announces Obtaining a Najran Cement Company announces that it has signed a shariah compliant bank financing agreement
| Element List | Explanation |
|---|---|
| Introduction | Najran Cement Company announces signing shariah compliant credit facility with Bank Al-Jazira for a total amount of SAR 355,000,000 to be paid by semi-annual installments within 5 years where an amount of SAR 51,000,000 will be paid annually during the first four years and the remaining amount in the fifth year. |
| Date of Receiving the Credit Facility | 2020-04-26 Corresponding to 1441-09-03 |
| Financier | Bank Al Jazira |
| Credit Facility value | SR 355,000,000 |
| Credit Facility duration | 5 years |
| Guarantees Provided for Credit Facility | Promissory note in addition to partial assignment of insurance policy as first beneficiary, to cover 100% of the credit facility. |
| Purpose of the Credit Facility | Full and final redemption of the Sukuk of Najran Cement Company amounting to SAR 355,000,000 due on 11-06-2020G. |
| Related Parties | None |
| Additional Information | Facility letter and agreement was signed on 03-09-1441H corresponding to 26-04-2020G; the amount to be withdrawn on 17-10-1444H corresponding to 09-06-2020 G. |
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.