Saudi Paper pens SAR 102.1M credit facilities deal with Bank ABC

08/01/2024 Argaam

Saudi Paper pens SAR 102.1M credit facilities deal with Bank ABC

Logo of Saudi Paper manufacturing Co.

Saudi Paper Manufacturing Co. signed an agreement with Arab Banking Corporation (Bank ABC) to provide credit facilities worth EUR 24.9 million (equivalent to SAR 102.13 million), the company said in a statement to Tadawul.

 

The financing term is five years, and the amount is covered by SACE Italian ECA Insurance and order notes.

 

The amount is intended to go towards financing the purchase of new projects and supporting cash liquidity to cover working capital required for operations in line with the company's strategy and plans, the statement added.

 

Subsidiaries of Saudi Paper are related parties to the deal, the company further indicated.

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