Riyadh – Mubasher: Umm Al Qura Cement signed on Wednesday, 11 October a SAR 50 million ($13.33 million) Islamic finance agreement with Riyad Bank.
The facility period will end on 2 August 2018, and signing the contract is not binding on the cement firm for any consideration if it is not used, according to a statement on Thursday to the Saudi Stock Exchange (Tadawul).
The facility will be allocated to finance to the working capital and finance the capital purchases.
The facility was guaranteed through a promissory note from Umm Al Qura Cement to the bank, and there are related parties in the agreement.
By 1:05 KSA time, the cement company’s stock inched up 0.06% to reach SAR 15.76.
