MEPCO obtains loans from Saudi National Bank

The loans are secured by a promissory note in favour of Saudi National Bank

  
A Saudi money exchanger wears gloves as he counts Saudi riyal currency at a currency exchange shop in Riyadh, Saudi Arabia March 10, 2020. Image used for illustrative purpose

A Saudi money exchanger wears gloves as he counts Saudi riyal currency at a currency exchange shop in Riyadh, Saudi Arabia March 10, 2020. Image used for illustrative purpose

REUTERS/Ahmed Yosri
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.

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.

More From Islamic Finance