Riyadh – Mubasher: Saudi Paper Manufacturing Company (SPM) has signed a sharia-compliant credit facility with the Arab National Bank (ANB) in order to reschedule an existing loan.
The company will reschedule an amount of SAR 6 million from a total previous Tawarruq credit of SAR 19 million, according to a bourse filing on Wednesday.
The original credit repayment period was three years starting from 31 January 2017 to 31 December 2020.
Under the new deal, the first installment after rescheduling will start from 31 January 2020 to 31 December 2020.
SPM noted that the loan is covered by a promissory note.
