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Najran Cement prepays Banque Saudi Fransi's SAR 45m loan

Najran Cement prepays Banque Saudi Fransi's SAR 45m loan
The pre-settlement process was finalised on 30 June
NAJRAN CEMENT
3002
1.70% 12.00 0.20
BSFR
1050
3.49% 32.60 1.10

Riyadh – Mubasher: 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.