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Middle East Paper Co. (MEPCO) renewed a Shariah-compliant bank facility agreement worth SAR 93 million with Samba Financial Group on Monday, March 1, 2021.
The revolving credit facility agreement is renewable every year at the end of June, the company said in a bourse statement.
The facility is secured by a promissory note, equivalent to facility value, in favor of the bank.
The amount is intended to finance the company’s working capital and to fund the purchase of spare parts for the machinery and equipment in the company's factory.
There are no related parties, the statements added.
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