Riyadh – Mubasher: Middle East Paper Company (MEPCO) signed a Sharia-compliant credit facility agreement worth SAR 340 million with Bank Albilad to finance the establishment of a factory for the production of tissue and hygienic paper.

The facility consists of a seven-year medium-term loan worth SAR 136 million and a short-term loan valued at SAR 204 million with a two-year maturity period, MEPCO said in a bourse statement on Monday.

Moreover, the loan is secured by a promissory note equivalent to facility value in favour of the bank.