Middle East Paper Co. (Mepco) has renewed a Sharia-compliant facilities agreement with Banque Saudi Fransi (BSF) at a total value of SAR 310 million, the company said in a bourse filing.
The credit facility agreement is renewable on Dec 31, 2019, and is secured by a promissory note equivalent to the facility value in favor of the bank.
The facility will go for financing the company’s working capital and fulfilling other business requirements.
No related parties are involved in the agreement, the statement added
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