Saudi Paper Manufacturing Co. (SPM) has signed an Islamic credit facility agreement with Samba Financial Group to reschedule an existing loan worth SAR 25.96 million, the company said in a bourse statement.
The rescheduled loan amounts to SAR 21.14 million.
The new four-year facility is valid from Mar. 31, 2019, with one-year grace period from the agreement signing date.
The loan will be repaid in four quarterly installments including interest, SPMC added, noting that the original repayment period started from Mar. 29, 2018 to Dec. 30, 2021.
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