Riyadh – Mubasher: Middle East Paper Co. (MEPCO) has renewed its banking facility agreement, which is Shariah-compliant, with the Kuwaiti lender the National Bank of Kuwait (NBK).

The Saudi company clarified that the credit facility now stands at SAR 121.80 million after reducing SAR 91.41 million from the previous agreement, MEPCO said in a bourse disclosure to the Saudi Stock Exchange (Tadawul) on Sunday.

This loan is a revolving facility that will be renewed every year starting 22 October 2020.

“The purpose of this facility is to finance the company's working capital and to meet other business requirements,” MEPCO concluded.

It further clarified that no related parties are concerned in this agreement.