Qassim Cement lands loan from SIDF, BinDawood bids for Estonian assets

Qassim Cement lands SAR 400 mn facility from SIDF

Qassim Cement secured a SAR 400 mn financing agreement from the Saudi Industrial Development Fund (SIDF) to support its plan to launch a fourth production line and replace older ones, according to a Tadawul disclosure. The nine-year facility includes a two-year grace period followed by seven years of repayments. Qassim aims to combine this funding with shariah-compliant bank facilities to meet its funding needs.

REMEMBER- The company previously awarded a USD 298 mn (SAR 1.1 bn) contract to Sinoma International to build a fourth production line at its Buraydah facility, with an estimated daily capacity of 10k tons. Sinoma will build the production line under an EPC contract within two years.

BinDawood locks in bid for Estonian dairy assets

BinDawood eyes European expansion: BinDawood Holding’s wholly owned subsidiary JUUST & JUBN OÜ secured a bid to acquire the dairy production assets of Estonia’s AS E-Piim Tootmine for EUR 135.25 mn, according to a Tadawul announcement.

The details: The assets include real estate, operating assets, contractual rights, and equity stakes, with operations in Paide and Põltsamaa. E-Piim has an estimated 15% share of Estonia’s cheese market, ranking fourth domestically.

ALSO- BinDawood expects the transaction to have a positive financial impact in the medium to long term, especially after reporting a slight improvement in 1H. The company’s net income edged up to SAR 119.7 mn from SAR 119 mn a year earlier, while its revenue rose 9.7% y-o-y to SAR 3.45 bn.