SPM reschedules SAR 6 mln credit from ANB

Saudi Paper Manufacturing Co. (SPM) has signed a Shariah compliant credit facilities agreement with the Arab National Bank (ANB) to reschedule an existing credit, the company said in a bourse statement.

The rescheduled amount is SAR 6 million from a total previous Tawarruq credit of SAR 19 million.

The original credit repayment period was three years from Jan. 31, 2017 until Dec. 31, 2019 while the repayment period under the new agreement starts from Jan. 31 ,2020 until Dec. 31, 2020 on monthly installments including interest.

The credit is covered by a promissory note.