Riyadh – Mubasher: Saudi Printing and Packaging Company said its subsidiary, Emirates National Factory for Plastic Industries, signed a Sharia-compliant credit facility agreement of AED 475 million with Commercial Bank of Dubai (CBD).

The financing consists of a long-term loan of AED 375 million, to be repaid over 8 years, and a short-term loan valued at AED 100 million, according to a stock exchange filing on Wednesday.

Emirates National Factory is a UAE-based fully-owned subsidiary of Saudi Printing.

The subsidiary will use the long-term facility in early settlement of outstanding facilities with other banks in the UAE valued at AED 275 million and in financing capital projects worth AED 100 million.

The short-term loan will be used in financing the working capital.