Al Jouf Cement secures SAR 150M facilities from Al Rajhi Bank

Al Jouf Cement Co. obtained Shariah-compliant banking facilities from Al Rajhi Bank worth SAR 150 million.

In a statement to Tadawul, the cement producer said that the financing period is eight years including a one-year grace period. The company provided a promissory note and mortgaged a part of its assets for the financing.

The credit will be used to repay part of an existing financing and support the company’s operational and financial operations during the coming period, the statement added.