Saudi Najran Cement prepays Banque Saudi Fransi's $12mln loan

The pre-settlement process was finalised on June 30

  
An Asian labourer looks up as he works at the construction site of a building in Riyadh, Saudi Arabia. Image used for illustrative purpose.

An Asian labourer looks up as he works at the construction site of a building in Riyadh, Saudi Arabia. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser

Riyadh –  Najran Cement Company has fully prepaid the remaining amount of a SAR 45 million existing loan received from Banque Saudi Fransi (BSF) to finance the company's Waste Heat Recovery (WHR) project.

The credit facility was supposed to be repaid in three instalments due on 31 December 2020, 31 March 2021, and 30 June 2021, according to a bourse filing on Wednesday.

The pre-settlement process was executed on 30 June via the cement company’s own resources.

It is worth highlighting that the step complies with the board of director’s decision to raise and improve the company’s financial efficiency.

Following this transaction, the company will only have a SAR 355 million loan that will be paid in easy instalments over five years.

Source: Mubasher

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