Riyadh – Mubasher: Middle East Paper Co (MEPCO) on Tuesday announced raising the value of a sharia-compliant loan from Bank Albilad to SAR 200 million, from SAR 100 million.

The revolving facility, which is guaranteed through a promissory note, will be subject for renewal on 7 July of each year, according to a statement to the Saudi Stock Exchange (Tadawul).

The Saudi paper manufacturer will allocate the loan for financing the operating capital and meeting business requirements.

Earlier on Tuesday, MEPCO announced renewing a SAR 310 million sharia-compliant facility with Banque Saudi Fransi (BSF).

MEPCO's profit soared 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.

Bank Albilad last reported a 17.89% increase in net profits to SAR 1.11 billion in 2018, up from SAR 942 million in 2017.

MEPCO's stock inched up 0.10% to close Tuesday's trading session at SAR 20.80, while the stock of Bank Albilad decreased 1.69%, to finish at SAR 29.10.