FIPCO to obtain $19.73mln from Riyad Bank

FIPCO will be able to finance the working capital of the company

  
Image used for illustrative purpose. Saudi riyal.

Image used for illustrative purpose. Saudi riyal.

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Riyadh – Filling and Packing Materials Manufacturing Company (FIPCO) has renewed a Shariah-compliant banking facility agreement with Riyad Bank to obtain SAR 73.68 million.

The financing duration is from 25 March 2021 until 25 March 2024, according to a bourse disclosure on Monday.

Through the credit facility that is guaranteed by a promissory note in favour of the bank, FIPCO will be able to finance the working capital of the company and its subsidiaries, in addition to funding new machines and production lines.

Last year, FIPCO signed an agreement with the bank to secure SAR 25 million in funding.

Source: Mubasher

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