Riyadh – Mubasher: Middle East Paper Company (MEPCO
) has renewed a Shariah-compliant banking facility agreement with the Saudi National Bank to obtain loans worth SAR 140 million in total.
MEPCO has reduced the value of the credit facilities from SAR 169 million, according to a bourse disclosure on Monday.
The company will receive medium-term facilities worth SAR 65 million over four years, in addition to treasury products of SAR 10 million over five years, as well as short-term facilities totalling SAR 65 million that can be renewed every year by the end of August.
The loans are secured by a promissory note in favour of the bank.
MEPCO aims to finance its working capital, spare parts, and equipment.
The company has recently renewed a financing agreement with Riyad Bank at a total value of SAR 225.9 million.
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