Arabian Plastic Industrial Company (APICO) announces the securing of SR 25 million shariah compliant banking facility from Saudi National Bank (SNB).
| Element List | Explanation |
|---|---|
| Introduction | Arabian Plastic Industrial Company (APICO) has secured shariah compliant banking Facilities of SR 25M to finance working capital from Saudi National Bank (SNB). This is in line with the company strategy of:-
• Diversifying its exposure with various banks. • Securing competitive banking facilities with better commercial terms and borrowing costs, to support company growth and enhancement of its performance. • Maintaining the leverage within the acceptable/healthy level for the Company. |
| Date of obtaining the funding | 2024-02-25 Corresponding to 1445-08-15 |
| Financing entity | Saudi National Bank (SNB) |
| Financing amount. | SR 25,000,000 |
| Financing duration. | Revolving facilities are renewable yearly. |
| Guarantees offered for the financing | • Promissory notes covering the full exposure provided by APICO.
• Corporate guarantee from Omar Abu Bakr Balubaid Company covering the full exposure. |
| Financing objective | Financing working capital requirements of APICO. |
| Related Parties | A corporate guarantee from Omar Abu Bakr Balubaid Company covering the full exposure |
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