Riyadh – Mubasher: Saudi Arabia-based Middle East Paper Co (MEPCO) on Tuesday announced renewing a SAR 310 million ($82.67 million) sharia-compliant facility with Banque Saudi Fransi (BSF).

The loan will be used for financing MEPCO's operating capital and meeting other business requirements, according to a statement to the Saudi Stock Exchange (Tadawul).

The firm signed the renewal of the facility, which was guaranteed by a promissory note, on 18 February 2019.

MEPCO's profit surged 99.7% to SAR 87.16 million during the nine-month period ended last September, compared to SAR 43.65 million in the prior-year period.

BSF last reported a 6.37% year-on-year decline in net profit for the full-year 2018, recording SAR 3.307 billion, compared to SAR 3.532 billion.

By 10:13 am Saudi time, MEPCO's stock rose 0.10% to SAR 20.84, while BSF's stock remained unchanged at SAR 38.