Middle East Paper Company (MEPCO) on Thursday renewed and amended its Shariah-compliant bank facilities agreement with Saudi British Bank (SABB), the company said in a bourse statement.
The agreement was amended by increasing the facility value from SAR 208 million to SAR 246 million.
The revolving credit facility agreement is renewable on December 31 every year.
The facility is secured by a promissory note (equivalent to facility value) in favor of the granting bank.
The amount is intended to finance the company’s working capital and to fulfill other business requirements.
No related parties are involved on this agreement, the statement added.
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