APICO signs SAR 23M credit facility agreement with SIDF

Logo of Arabian Plastic Industrial Co. (APICO)

Arabian Plastic Industrial Co. (APICO) obtained, on Jan. 16, a working capital credit facility of SAR 23 million from the Saudi Industrial Development Fund (SIDF).

In a statement to Tadawul, APICO said the financing period spans 24 months, noting that it mortgaged fixed assets and provided a promissory note as guarantees for the funding.

The primary objective of this financing is to address working capital needs, bolster business operations, and facilitate the company's expansion and growth, APICO explained.

There are no related parties to this agreement, the statement added.