Riyadh – Mubasher: Saudi Printing and Packaging Company said its subsidiary, Emirates National Factory for Plastic Industries, signed a Sharia-compliant credit facility agreement of AED 475 million with Commercial Bank of Dubai (CBD).

The financing consists of a long-term loan of AED 375 million, to be repaid over 8 years, and a short-term loan valued at AED 100 million, according to a stock exchange filing on Wednesday.

Emirates National Factory is a UAE-based fully-owned subsidiary of Saudi Printing.

The subsidiary will use the long-term facility in early settlement of outstanding facilities with other banks in the UAE valued at AED 275 million and in financing capital projects worth AED 100 million.

The short-term loan will be used in financing the working capital.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.