SPM reaches final steps regarding government financial support

Saudi Paper Manufacturing Co. (SPM) reached to the final step regarding the government financial support and is about to sign an agreement with the intermediary bank, the company said in a bourse statement.

The support is part of the sustainability program offered by the Ministry of Finance, which is a financing provided by a local bank with low interest with a guarantee from the ministry and extendable grace periods in order to help the company to provide greater working capital, the statement added.

The program aims to contribute to raising the purchasing power of raw materials which allows the company to obtain a competitive advantage in prices with international suppliers.

The company will announce the financing details later after agreement with the bank.

Last month, Saudi Paper Manufacturing Co. (SPM) obtained the approval of the Saudi Ministry of Finance on a SAR 52 million financial support within the Kingdom’s National Companies Promotion Support (NCPP) and the Privatization Vision Realization Program in line with the Saudi Vision 2030, Argaam reported.