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Arabian Cement cuts Murabaha loan agreement with SABB

Arabian Cement cuts Murabaha loan agreement with SABB
Arabian Cement cuts Murabaha loan agreement with SABB
SAB
1060
4.63% 35.00 1.55
ACC
3010
1.12% 31.50 0.35

Riyadh – Mubasher: Arabian Cement said it will reduce a previous Murabaha facility deal with Saudi British Bank (SABB) from SAR 400 million to SAR 251.5 million.

The Saudi cement producer stated that it will pay the loan at equal eight installments over four years, starting from October 2016 until April 2020.

Arabian Cement said the decision was driven by its current ability to self-finance the rest of the project , as well as to reduce financial burdens .

Early 2015, Arabian Cement inked a deal with SABB to obtain SAR 400 Murabaha facility in order to finance the second phase of the company’s expansion line.