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Middle East Paper Co. (MEPCO) renewed on May 30, 2021, a Shariah-compliant bank facility agreement with Saudi National Bank (SNB), while reducing the value of the facilities to SAR 140 million from SAR 169 million, the firm said in a statement to Tadawul.
The duration for medium-term facilities, amounting to SAR 65 million, is four years; treasury products, amounting to SAR 10 million, is five years; and short-term facilities, amounting to SAR 65 million, is renewable every year by end of August.
The purpose of the facility is to finance the company's working capital and for spare parts for factory machines.
It is secured by a promissory note (equivalent to total facility value) in favor of the bank.
There are no related parties, the statement added.
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