Riyadh – Mubasher: Filling and Packing Materials Manufacturing Company (FIPCO) announced the renewal of a Shariah-compliant SAR 25 million banking facility agreement with Riyad Bank.
The one-year renewal began on 9 April 2020 and will ends in 20 April 2021, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.
The facility is secured by a promissory note in favour of Riyadh Bank, FIPCO disclosed.
Furthermore, the purpose of the banking facility is to finance the working capital for FIPCO and its subsidiary, FPC Industries Co.
Source: Mubasher
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