MEPCO inks SAR 296.8 mln Sharia-compliant credit facility with SABB

30/12/2021 Argaam

Logo of Middle East Paper Co. (MEPCO)

Middle East Paper Co. (MEPCO) signed a Sharia-compliant credit facility agreement with Saudi British Bank (SABB) at a total value of SAR 296.8 million, according to a bourse filing.

 

These credit facilities comprised a medium-term facility at a total value of SAR 235.97 million for five years with a one-year grace period, treasury products at SAR 10.85 million for five years and a short-term revolving facility at SAR 50 million renewable in February 2023.

 

These facilities are guaranteed by a promissory note, in addition to a mortgage over a land plot in King Abdullah Economic City (KAEC).

 

These loans will be utilized in rescheduling the outstanding medium-term facilities, financing the purchase of a land plot in KAEC, financing the company's working capital and funding the renovation of the plant equipment.

 

The deal included no related parties, the statement added.

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