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Arab Bank Jordan lends Qatrana Cement SAR 530m

Arab Bank Jordan lends Qatrana Cement SAR 530m
Arab Bank Jordan lends Qatrana Cement SAR 530m
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Riyadh – Mubasher: Jordan-based Qatrana Cement, the subsidiary of the Saudi-based Arabian Cement Co. signed an agreement with Arab Bank Jordan to get a diminishing loan worth JOD 100 million (SAR 530 million).

The loan will be repaid on eight years divided into 16 equal installments, Arabian Cement added in its statement to the Saudi Stock Exchange (Tadawul).

The first instalment's due date will be after six months from the signing date on 16 January 2018, while the last instalment will be on 11 June 2025.

Qatrana Cement and Arabian Cement have not provided any guarantees to get the loan, with the exception of the underwritings accepted by the commercial banks.

The receipts of financing will be used to repay part of the funding granted by the Saudi cement company to Qatrana Cement.