“Eastern Cement” signs a financing contract worth 300 million riyals with the Industrial Development Fund
The Eastern Province Cement Company signed "Eastern Cement"Today, a financing contract was signed with the Saudi Industrial Development Fund.
The company said in a statement on the website "Saudi Arabia trading"The financing is for a project to establish a new production line in the company’s factory with a production capacity of 10,000 tons/day to replace some of the current production lines.
She added that the financing is worth 300 million riyals, while the duration of the financing is 7 years.
She indicated that the guarantees provided in exchange for the financing are: 1- A promissory note, 2- Leasing insurance policies for the new production line project in favor of the Fund, and 3- Mortgaging the equipment and machinery associated with the new production line project in favor of the Fund.
She explained that the financing is to contribute to financing the project that the company announced on 01/07/2024 regarding the establishment of a new production line in the company’s factory with a production capacity of 10,000 tons/day and a cost of 1,014,480,000 riyals ($270,528,000).
It is worth noting that Pointing out that the financing contract with the Saudi Industrial Development Fund is considered an added value to the company and will have priority as a source of financing in addition to other sources of financing available to the company represented by the facilities signed with commercial banks, where the company will use these facilities to the required extent and in a manner that achieves the minimum financing costs.
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