Riyadh – Mubasher: Saudi Paper Manufacturing Company (SPMC) on Wednesday announced that the Saudi Industrial Development Fund (SIDF) has approved the rescheduling of one of its loans.

The SAR 37 million loan will be repaid between 20 April 2019 and 7 March 2023, SPMC said in a statement to the Saudi Stock Exchange (Tadawul).

Through the facility, SPMC looks to finance its capital and private spending as well as boost its production.

The company will repay the first instalment of the loan on 20 April 2019, while the full facility will end on 7 March 2023, the Saudi paper firm revealed.

The debt provided by SIDF has been rescheduled based on the company’s cash flow and will help bolster liquidity in the coming period, SPMC added in its statement.

SIDF’s approval came in on Tuesday, 2 January.

SPMC guaranteed the loan with its equipment and properties.

Saudi Paper last reported trimming its net losses by 85.6% year-on-year to SAR 3.1 million in the third quarter of 2017 from SAR 21.5 million. As for the nine-month period ended September 2017, losses dropped 63.2% to SAR 13.3 million from SAR 36.1 million in the year-ago period.