Riyadh – Mubasher: Middle East Paper Co. (MEPCO) on Monday issued a corrected statement regarding SAR 110 million in facilities it was receiving from a Kuwaiti bank.

MEPCO stated that it has signed a Shariah-compliant loan with the National Bank of Kuwait (NBK) for SAR 110 million, the company said in a filing to the Saudi Stock Exchange (Tadawul).

The loan begins 31 July 2017 and ends 31 May 2018, subject to annual renewal, the Saudi-listed paper company added.

On Sunday, MEPCO had said that the deal was signed with Kuwait International Bank (KIB); however, KIB issued a statement on Monday saying that this was not true.

MEPCO’s stock concluded Monday’s trades in the green, surging 9.9% to SAR 15.72.