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MEPCO renews, amends banking facilities with Al Rajhi Bank

MEPCO renews, amends banking facilities with Al Rajhi Bank
The credit facilities aim to fund MEPCO’s capital
ALRAJHI
1120
1.23% 57.80 0.70
MEPCO
1202
0.16% 12.22 0.02

Riyadh – Mubasher: Middle East Paper Co. (MEPCO) announced the renewal and amendment of a credit facilities deal with Al Rajhi Bank pursuant to the provisions of Islamic Shariah, according to a disclosure to the Saudi Stock Exchange (Tadawul) on Tuesday.

The agreement, dated 18/1/1441 H (17 September 2019), is valued at SAR 150 million, which is SAR 100 million higher than the pre-amended deal.

The financing will be in the form of a revolving loan to be renewed every November of each year.

MEPCO noted that the credit facilities aim to fund the firm’s capital while meeting other businesses’ requirements.