Saudi Paper reschedules SAR 67.5 mln existing loan with Al Rajhi Bank

12/07/2021 Argaam

Logo of Saudi Paper Manufacturing Co.

Saudi Paper Manufacturing Co. (SPM) signed, on July 11, a Sharia-compliant credit facility agreement to reschedule an existing loan, worth SAR 67.5 million, with Al Rajhi Bank, the company said in a bourse statement.

 

The rescheduling aims to support the company’s cash flows and boost the working capital.

 

The financing period before scheduling was 18 months, ending on June 30, and an amount due on July 31.

 

Meanwhile, the financing period after restructuring is 41 months, starting July 15, 2021, until October 2024.

 

The facility is guaranteed by a promissory note, the company said, adding that no related parties are involved in the deal.

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