FIPCO renews SAR 25 mln Islamic facility with Riyad Bank

20/04/2020 Argaam

 

Filling and Packing Materials Manufacturing Co. (FIPCO) renewed today its SAR 25 million Shariah-compliant credit facility agreement with Riyad Bank, the company said in a bourse statement.

 

The loan tenure starts from April 9, 2020 until April 9, 2021.

 

The credit facility, which is guaranteed by a promissory note, will be used to finance working capital needs of the company and its subsidiary, FPC Industries Co.

 

The deal has no related parties, the statement noted.

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