Riyadh - Mubasher: Filing and Packing Materials Manufacturing Company (FIPCO) announced that it has renewed a sharia-compliant banking facilitation agreement with Riyad Bank.
The agreement has modified credit limits to SAR 72 million, consisting of a long-term SAR 23 million loan, to be repaid over four years, with a grace period of one year, as well as another temporary bridge loan of SAR 21 million, until the company meets the financing requirements set by the Saudi Industrial Development Fund (SIDF).
Another short-term deal in also included at a value of SAR 28 million, to finance the company’s capital and support its operational activities.
The deal has helped reduce the pledged amount from SAR 49 million to SAR 25 million.
