Riyadh – Mubasher: Najran Cement Company signed an agreement with Banque Saudi Fransi (BSF) to reschedule its existing loans on Monday, 12 February.

The kingdom's fifth-largest bank by assets also approved to reschedule a SAR 50 million loan for the cement producer.

The agreement entailed paying off the SAR 50 million financing, which was injected into expanding Najran Cement's third production line, in four equal instalments or SAR 12.5 million for each, while the due date of the first one is one 31 March 2018, according to a statement on Tuesday to the Saudi Stock Exchange (Tadawul).

The basic loan’s value is SAR 500 million that will be repaid on a quarterly basis over five years until 30 June 2018.

In the meantime, BSF also approved to reschedule the existing SAR 150 million loan for the cement firm which was pumped into a power plant.

The funding will be paid off in ten equal instalments, while the due date of the first one will be on 31 March 2019.