Tabuk Cement Co. Announces Rescheduling an Islamic cash loan offered by Bank Albilad
| Element List | Explanation |
|---|---|
| Introduction | Tabuk Cement Company is pleased to announce to the shareholders of the signing of the agreement to restructure the credit facilities with Bank Albilad in compliance with Islamic Sharia (law), which will have a positive impact by enhancing the performance of the company during the next six years |
| Date of Signing the Credit Facility Rescheduling | 2020-03-17 Corresponding to 1441-07-22 |
| Financier | Bank Albilad |
| Reasons for rescheduling | To suit the company's cash flow conditions |
| Credit facility Amount and Rescheduled Amount | Total financing amount (476.03 million Saudi riyals), four installments of which amounted to (95.21 million Saudi riyals) were paid.
The value of the rescheduled portion (the financing balance) is (380.82 million Saudi riyals). |
| Financing Duration, before and after Rescheduling | The previous bank credit repayment period is six years, one of which is a grace year that started from 13 / 03/2018 and ended on 13/03/2019, and the payment of installments began on 13/06/2019 and was scheduled to end on 13/3/2024 AD with a number ( 20 installments) at a rate of installment every three calendar months (quarterly), which is the term Islamic financing.
The period of the rescheduled balance of finance is six Gregorian years, and the first installment starts from 13/06/2020 and ends on 13/03/2026 with 24 installments at the rate of a premium every three months (quarterly) |
| Guarantees Provided for the Rescheduled Credit Facility | Promissory note |
| Related Parties | There are no related parties |
| Additional Information | The financial impact will be reflected in the financial results of the company, starting from the second quarter of 2020. |
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