Saudi MEPCO renews, amends banking facilities with Al Rajhi Bank

The credit facilities aim to fund MEPCO’s capital

  
A trader holds prayer beads as he works at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose.

A trader holds prayer beads as he works at the Saudi Investment Bank in Riyadh. Image used for illustrative purpose.

REUTERS/Fahad Shadeed/Files

Riyadh – Middle East Paper Co. (MEPCO) announced the renewal and amendment of a credit facilities deal with Al Rajhi Bank pursuant to the provisions of Islamic Shariah, according to a disclosure to the Saudi Stock Exchange (Tadawul) on Tuesday.

The agreement, dated 18/1/1441 H (17 September 2019), is valued at SAR 150 million, which is SAR 100 million higher than the pre-amended deal.

The financing will be in the form of a revolving loan to be renewed every November of each year.

MEPCO noted that the credit facilities aim to fund the firm’s capital while meeting other businesses’ requirements.

Source: Mubasher

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