FIPCO raises credit limits for facilities granted by Riyad Bank

Filing & Packaging Material Manufacturing Co. (FIPCO) has increased the limit of the credit facility granted by Riyad Bank.

The credit limits for Long-term loans has been increased from SAR 23 million to reach SAR 38 million, while the short-term loan reaching SAR 25 million, which are revolving loans in order to finance working capital through opening and re-financing documentary credits as well as issuing letters of guarantees.

Consequently, the total credit facility limits became SAR 66 million instead of SAR 51 million, with an increase of SAR 15 million, with same previously announced terms and conditions, the company said in a bourse statement.

No related parties will be involved, and any material developments in this regard will be announced in due course, the statement added.

Last May, FIPCO increased its Sharia-compliant credit facility limits with Riyad Bank to SAR 72 million in order to finance the new manufacturing venture of its subsidiary, Argaam reported earlier.