Middle East Paper Company (MEPCO) on Tuesday amended its Shariah-compliant bank facilities agreement with Bank Albilad, the company said in a bourse statement.
The agreement was amended by increasing the facility value from SAR 100 million to SAR 200 million.
The revolving credit facility is renewable on July 7 every year. It is also secured by a promissory note (equivalent to facility value) in favor of the granting bank.
The amount will go for financing the company’s working capital and fulfilling other business requirements.
No related parties are involved in the deal, the statement added.
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