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Saudi Arabia’s Qassim Cement Company has secured a 1.5 billion riyals ($400 million) Shariah-compliant credit facility agreement from Saudi National Bank (SNB) to support the financing of a fourth production line at its plant.
The new line, with a production capacity of 10,000 tonnes per day, will replace existing production lines, and also help fund the company’s working capital needs.
The credit facility has a 10-year tenure and is backed by a promissory note.
In August, the Tadawul-listed company signed a $298 million contract with Chinese engineering company Sinoma for setting up its fourth cement production line at its plant site in Buraydah city.
(Writing by Bindu Rai, editing by Brinda Darasha)
