Middle East Paper Co. renew credit facilities with several banks

JEDDAH: Middle East Paper Co. (MEPCO) has announced renewal of credit facilities with several banks to finance the company’s working capital and to meet other business requirements.

MEPCO has announced amended and renewal of bank facility agreement (Shariah-compliant) with Saudi British Bank and increase the value of facilities from SAR 208 million to SAR 246 million.

This is a revolving facility renewable every year on end of December. The facility is secured by a promissory note (equivalent to facility value) in favor of Saudi British Bank.

Middle East Paper Company (MEPCO) has also announced a Shariah-compliant banking facility with Bank Albilad and increase the value of facilities from SAR 100 million to SAR 200 million.

This is a revolving facility renewable every year on July 07. The facility is secured by a promissory note (equivalent to facility value) in favor of Bank Albilad.

MEPCO also announced renewal bank facilities agreement (Shariah – Compliant) with Banque Saudi Fransi.

The facility value is SAR 310 million. The credit facility agreement is renewable at the end of agreement on December 31, 2019. The facility is secured by a promissory note (equivalent to facility value) in favor of Banque Saudi Fransi.

The purpose of these facilities is to finance the company’s working capital and to meet other business requirements.

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