FIPCO renews SAR 30 mln Islamic facility with Bank Albilad

28/04/2020 Argaam

Filling and Packing Materials Manufacturing Co. (FIPCO) renewed its SAR 30 million Shariah-compliant credit facility agreement with Bank Albilad, the company said in a bourse statement.

 

The loan tenor extends for one year from March 25, 2020 until March 25, 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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