Riyadh – Mubasher: Saudi Paper Manufacturing Company (SPMC) signed a SAR 277 million ($73.87 million) reschedule finance agreement with Al Inma Bank on Wednesday, 20 December.

The contract's period will start on 19 February 2018 until 19 November 2023, according to a statement on Thursday to the Saudi Stock Exchange (Tadawul).

Through the finance, SPMC aims to reschedule the current Islamic loan and finance its expenses for developing and expanding the company and its production capacity.

The finance was guaranteed through a promissory note with one-year grace period, as  well as payments which are in line with SPMC's future inflows.