Saudi MEPCO renews $53.33mln banking facility with Bank Albilad

MEPCO noted that the facility is secured by a promissory note, equivalent to facility value, in favour of the bank.

  
A Saudi money changer counts U.S banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016.

A Saudi money changer counts U.S banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016.

REUTERS/Faisal Al Nasser

Riyadh –Middle East Paper Company (MEPCO) has renewed a sharia-compliant banking facility agreement with Bank Albilad valued at SAR 200 million.

The revolving facility is renewable every year on 11 July, according to MEPCO’s statement to the Saudi Stock Exchange (Tadawul) on Thursday.

MEPCO noted that the facility is secured by a promissory note, equivalent to facility value, in favour of the bank.

The loan will be used to finance the company's working capital and to meet other business requirements.

Source: Mubasher

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