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Najran Cement Company has paid the remaining amount of SR45 million ($12.2 million) in an existing loan from Banque Saudi Fransi (BSF) to finance the company's waste heat recovery (WHR) project.
The credit facility was supposed to be completed in three instalments with the first one due on December 31 followed by March 31 and June 30 in 2021, stated Najran in its filing to the Saudi bourse.
The full pre-settlement process was executed on June 30 using Najran's own resources. Thus, the company has finished paying the entire loan amount.
With this move, the Saudi cement firm has completed the last step of organising its balance sheet, said the statement.
Presently, Najran has only one loan of SR355 million, which will be paid in easy instalments over a period of five years, it added.-TradeArabia News Service