FIPCO renews SAR 30 mln Islamic facility with Bank Albilad

12/04/2021 Argaam

Logo of FIPCO

Filling and Packing Materials Manufacturing Co. (FIPCO) renewed today, April 12, 2021, a SAR 30 million Shariah-compliant credit facility agreement with Bank Albilad.

 

The company said in a bourse statement that the loan tenor starts from March 28, 2021 until Aug. 18, 2022.

 

The credit facility, which is guaranteed by a promissory note, will be used to finance working capital needs of the company and its subsidiary, FPC Industries Co.

The deal has no related parties, the statement noted.

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