Riyadh – Mubasher: Filling and Packing Materials Manufacturing Company (FIPCO) has signed a short-term loan agreement with the Saudi Export-Import Bank (Saudi EXIM Bank) to support its export activities, according to a bourse filing.

The Sharia-aligned agreement, which was signed on 13 September 2023, will provide FIPCO with SAR 19 million in financing for working capital related to its raw material needs until 31 August 2024. The loan will be repaid after 120 days from the withdrawal date.

FIPCO provided a promissory note in addition to a beneficiary endorsement as a guarantee for the financing.

Early this year, FIPCO appointed Abdullah Muhammad Alharbi to fulfill the position of the CEO.