Saudi Arabia’s Filling and Packing Material Manufacturing Company (FIPCO) has secured financing worth SAR19 million ($5 million) to support its export activities.
The manufacturing firm has just signed a short-term revolving credit facility with Saudi Exim Bank to procure the funds, according to a bourse filing on the Saudi Stock Exchange (Tadawul) on Wednesday.
The one-year financing will end on August 31, 2024. The Shariah-compliant loan will be repaid after 120 days from withdrawal date.
The company, which exports a third of its products, said it is looking to boost its market share in the global markets and open new “export horizons”.
(Writing by Cleofe Maceda; editing by Seban Scaria)