Yamama agrees raising credit facility limit

Yamama Cement announced that it has agreed with the National Commercial Bank (NCB) and Samba Financial Group to raise its sharia-compliant credit facility limit from SAR1bn to SAR3.6bn (US$266.6m to US$960m).

The maturity date for the last instalments for these facilities is on 2 January 2025, the company said in a statement to the Saudi Stock Exchange.

The new limits will be used to open new letters of credit worth SAR500m, as well as Murabaha facilities at SAR 2.1bn, financial website Mubasher reports.

The funds will be used to establish a new factory with a clinker production capacity of 20,000tpd.

As per the statement, NCB is responsible for providing 75 per cent  of the facilities, while SAMBA accounts for 25 per cent.