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Arabian Plastic Industrial Company (APICO) has renewed its Shariah‑compliant credit facilities agreement with the Saudi National Bank (SNB), increasing the total financing limit to SAR 60 million ($15.99 million).
The renewed and expanded facilities will be used to finance working capital requirements and capex related to the expansion of production lines.
According to the company, the renewal aims to secure more competitive credit terms and lower borrowing costs.
Financing structure involves a revolving facility of SAR 30 million, renewable annually, and new one‑time facility of SAR 30 million with a 48‑month tenor.
The main agreement was originally signed on 25 February 2024.
(Writing by Brinda Darasha; editing by Daniel Luiz)
