Printing & Packaging reschedules SAR 200 mln credit with Alinma

Saudi Printing & Packaging Co. has signed a Shariah compliant agreement with Alinma Bank to reschedule a loan of SAR 200 million representing a remaining part of a previous credit amounting to SAR 480 million, the company said in a bourse statement.

The original repayment period was seven years and a half from Dec. 22, 2012 until June 22, 2020 including a grace period of two years after which the amount should be repaid on semiannual installments.

The new agreed upon repayment term is seven years from Dec. 6, 2018 until Dec. 6, 2025 including a grace period of two years after which the amount should be repaid on semiannual installments.

The loan has been rescheduled to finance requirements of working capital and is covered by a promissory note and a real estate mortgage.

The step copes with the company’s current cash flow plan, the statement added.