MEPCO inks SAR 340 mln credit facility agreement with Bank Albilad

04/01/2021 Argaam

Middle East Paper Co. (MEPCO) signed, today, Jan. 4, 2021, a Shariah-compliant credit facility agreement worth SAR 340 million with Bank Albilad, the company said in a filing to Tadawul.

 

The facilities, to be used as a bridge loan, include a medium-term loan worth SAR 136 million for seven years and a short-term loan worth SAR 204 million for two years.

 

The facilities are secured by a promissory note equivalent to the facility value in favor of the bank, and will be used to finance the establishment of a SAR 338 million factory to produce tissue rolls and hygienic paper in Industrial Valley, King Abdullah Economic City (KAEC).

 

Sami Ali Al Safran, CEO of MEPCO, said last December that the company is currently in negotiations with a number of foreign and local banks to finance part of the project.

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