Riyadh – Mubasher: Saudi Arabia-based The Middle East Paper Co. (MEPCO) has signed a SAR 100 million ($26.67 million) sharia-compliant loan agreement with Bank Albilad.

MEPCO will use the credit facility to finance its operating capital and meet its business requirements, according to a statement to the Saudi Stock Exchange (Tadawul) on Tuesday.

The loan’s deal will last until 7 July 2019, and it is guaranteed by promissory notes equivalent to loan’s value.

MEPCO's stock tumbled 8.09% to close Monday's trading session at SAR 19.76, while Bank Albilad's stock fell 2.04% to SAR 23.98.