Riyadh – Mubasher: Middle East Paper Company (MEPCO) announced that it has renewed and amended a banking facility agreement (Shariah-compliant) from SAMBA Bank.
The facility’s total value amounted to SAR 100 million, according to MEPCO’s recent statement to the Saudi Stock Exchange (Tadawul).
The company noted that the facility is secured by a promissory note (equivalent to facility value) in favour of the bank.
The loan will be used to finance the company's working capital and to meet other business requirements.
It is worth noting that during the second quarter of 2019, MEPCO swung to losses, recording SAR 4.02 million.
