MEPCO renews SAR 101 mln revolving facility with Riyad Bank

17/01/2021 Argaam

Middle East Paper Co. (MEPCO) renewed today, Jan. 17, 2021, its Shariah-compliant bank facility agreement with Riyad Bank, at a total value of SAR 101 million, the company said in a bourse filing.

 

The revolving facility is renewable on August 30 every year and is secured by a promissory note equivalent to the facility value in favor of the bank.

 

The amount is intended to finance the company’s working capital and spare parts of the plant's machinery and equipment.

 

No related parties are involved on these agreements, the statements noted.

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