Saudi Paper secures SAR 75 mln credit facility from Bank AlJazira

05/11/2023 Argaam

Saudi Paper secures SAR 75 mln credit facility from Bank AlJazira

Logo of Saudi Paper Manufacturing Co. (SPM)

Saudi Paper Manufacturing Co. signed a Sharia-compliant credit facility agreement worth SAR 75 million with Bank AlJazira.

 

In a statement to Tadawul, the company said the deal, signed on Oct. 5, has an initial two-year term with the possibility of an extension.

 

The purpose of securing these facilities is to bolster the necessary cash liquidity to cover the working capital of SPM’s operations, aligning with the company's strategy and future plans, the statement added.

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