FIPCO signs SAR 15.1 mln loan agreement with SIDF

15/12/2021 Argaam

Logo of FIPCO

Filling and Packing Materials Manufacturing Co. (FIPCO) inked, today, Dec. 15, a financing agreement at a total value of SAR 15.1 million with Saudi Industrial Development Fund (SIDF), the company said in a statement to Tadawul.

 

The loan facility will be paid off in 12 unequal, semi-annual installments over a period of seven years starting from Feb. 25, 2024, the company said in a bourse statement.

 

To guarantee this loan, FIPCO will pledge the plant assets and sign a promissory note in favor of SIDF.

 

The loan will be directed to finance the expansion of all products of small, jumbo and valve bags, as the company aims to boost its production capacity and improve the quality levels.

 

No related parties are related to the deal, the statement added.

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