MEPCO secures SAR 101 mln revolving loan facility from Riyad Bank

10/03/2019 Argaam

Middle East Paper Co. (MEPCO) signed an agreement with Riyad Bank to secure a sharia-compliant, revolving loan facility at a total value of SAR 101 million, the company said in a bourse filing.

 

The revolving credit facility agreement is renewable on Jan. 23 every year, and it is secured by a promissory note (equivalent to facility value) in favor of the granting bank.

 

The amount is intended to finance the company’s working capital and to fulfill other business requirements.


No related parties are involved in this agreement, the statement added.

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