Saudi Arabia’s Southern Province Cement Company (SPCC) and the National Commercial Bank (NCB) have entered into an SAR700 million financing agreement, lasting for a period of five years. The agreement was signed in Riyadh by Prince Abdullah bin Musa’ad bin Abdul Rahman, Chairman of SPCC, and Mansour S. Al Maiman, Chairman of NCB, in the presence of officials from both companies.
The five-year financing facility will be used to fund SPCC’s capital expansion and expenditures in Saudi Arabia and develop general operational activities, production capacity and company efficiency. The funding agreement represents part of NCB’s vision to meet the requirements of economic growth in the country through financing and developing key institutional and industrial sectors, such as the cement industry.
During the signing, Al Maiman stated that the financing was consistent with NCB’s vision to support the vital sectors of the Saudi economy. The bank has plans to continue financing large, medium and small enterprises in the country in order to encourage development in all economic productive sectors. Al Maiman further noted that the bank provided around SAR121 billion to support the corporate sector in 2013, a 13% y/y increase compared to 2012.
Edited from various sources by Rosalie Starling
Read the article online at: https://www.worldcement.com/africa-middle-east/03042014/southern_province_cement_company_enters_into_financing_agreement_with_ncb_985/