FIPCO secures SAR 30 mln revolving loan facility from Bank Albilad

17/09/2018 Argaam

 

Filling and Packing Materials Manufacturing Company (FIPCO) has signed an agreement with Bank Albilad to secure a sharia-compliant, short-term revolving loan facility at a total value of SAR 30 million.

 

The loan tenure will extend from Sep. 16, 2018 until Sep. 15, 2019, the company said in a bourse filing.

 

The loan, which was guaranteed by a promissory note, will be directed to financing the requirements of the working capital of both the company and its subsidiaries.

 

No related parties will be involved in the agreement, the statement added.

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