Al Inma Bank reschedules SPPC’s SAR 480m loan

Al Inma Bank reschedules SPPC’s SAR 480m loan
-0.29% 13.56 -0.04
-0.60% 24.90 -0.15

Riyadh — Mubasher: Saudi Printing and Packaging Co (SPPC) on Thursday announced signing a deal with Alinma Bank to reschedule a sharia-compliant credit facility.

The loan’s total value amounted to SAR 480 million, while the remaining amount that would be rescheduled stood at SAR 200 million, the firm said in a statement to the Saudi Stock Exchange (Tadawul).

The tenor of the loan after rescheduling is seven years starting from 6 December 2018, with a two-year grace period.

The credit facility will be paid through six-month installments, while its interests are to be paid every six months after the grace period.

The loan will be used in financing the firm’s working capital, the statement added.

The financing was guaranteed through a promissory note and real estate mortgage, the Saudi printing firm said.

During the first nine months this year, SPPC’s losses went up 1.1% to SAR 33.56 million, from SAR 33.19 million in the year-ago period.

By the end Thursday’s session, the company’s stock declined 0.23% to close at SAR 17.