Saudi FIPCO renews $8.17mln credit facility agreement

The credit facility will end on March 18, 2020

Image used for illustrative purpose.

Image used for illustrative purpose.

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Riyadh – Filing and Packing Materials Manufacturing Company (FIPCO) has announced the renewal of a SAR 30 million Shariah-compliant banking facility agreement with Bank Albilad.

The credit facility duration starts from 22 October 2019 and ends on 18 March 2020, according to a bourse statement released on Tuesday.

“The purpose of this facility is to finance the working capital for FIPCO and its subsidiary,” the statement added.

FIPCO turned to loss during the second quarter of 2019. The company’s loss reached SAR 4.8 million in Q2-19, according to a bourse statement released on Thursday.

Source: Mubasher

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