NCC Obtains SAR 355 Million from Bank Aljazira to Repay Sukuk Facility

Najran Cement Company (NCC) has reached an agreement with Bank Aljazira on a SAR 355 million Shariah-compliant financing facility.

The financing facility will be used to repay SAR 355 million of Sukuk outstanding from SAR 400 million Sukuk issued on the 14th of June 2015. The SAR 400 million Sukuk, which carries a profit rate of 1.4%, was set to mature in June 2020. According to the Islamic Markets Sukuk Monitor, NCC issued SAR 400 million Sukuk, at a profit rate of 1.4% for a period of 5 years.

On the 12th of December 2019, NCC repurchased SAR 45 million of this SAR 400 million Sukuk, financed from the company’s internal resources. Accordingly, the value of outstanding Sukuk...