Riyadh – Mubasher: Filling and Packing Materials Manufacturing Company (FIPCO) announced the renewal of a Shariah-compliant SAR 25 million banking facility agreement with Riyad Bank.

The one-year renewal began on 9 April 2020 and will ends in 20 April 2021, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Monday.

The facility is secured by a promissory note in favour of Riyadh Bank, FIPCO disclosed.

Furthermore, the purpose of the banking facility is to finance the working capital for FIPCO and its subsidiary, FPC Industries Co.