Saudi's MEPCO renews loan deal with Bank Albilad

The total funding was reduced to $124mln

  
Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.

Image used for illustrative purpose. Magnifying glass and banknote Saudi Arabia.

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Riyadh – Middle East Paper Company (MEPCO) has renewed and amended a credit facilities agreement with Bank Albilad on Monday, 6 September.

The Sharia-compliant loans include short- and medium-term funding that was decreased from SAR 540 million to SAR 465 million, according to a bourse filing on Tuesday.

The facilities include medium-term funding worth SAR 79 million for five years, while the short-term loans stand at SAR 100 million and are renewable annually at the end of July.

This is in addition to medium-term facilities amounting to SAR 136 million for seven years to finance a tissue manufacturing factory, in addition to bridge loan facilities worth SAR 150 million for two years.

The purpose of the loans is to finance the company's working capital and capital expansions besides the factory.

Source: Mubasher

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