Saudi Al Jouf Cement gets US$48.1m second tranche

Saudi Al Jouf Cement gets US$48.1m second tranche
Published: 26 August 2010

Saudi cement producer and trader Al Jouf Cement  received on Tuesday the second tranche, worth SAR180.4m (USD 48.1m/EUR 37.8m), of its loan from state-owned Saudi Industrial Development Fund (SIDF), the company said in a bourse filing.

The loan, worth a total SAR483.5m, was arranged last year. It is to be repaid through 14 installments over a period of eight years.

In July 2010, Al Jouf Cement offered 27.9 million new shares and 37.1 million existing shares at SAR 10 each, in an IPO aimed at raising SAR650m.

In 2009, the firm obtained a SAR220m Sharia-compliant loan from the National Commercial Bank (NCB) to mainly fund its working capital.