APICO secures SAR 25M credit facilities from SNB

25/02/2024 Argaam
Logo ofArabian Plastic Industrial Co. (APICO)

Logo of Arabian Plastic Industrial Co. (APICO) 

Arabian Plastic Industrial Co. (APICO) secured today, Feb. 25, Shariah-compliant credit facilities worth SAR 25 million from Saudi National Bank (SNB), the company said in a statement to Tadawul.

 

The revolving loan is renewable annually. It is aimed to finance the company's working capital, the company said.

 

It added that the loan is guaranteed by promissory notes provided by APICO, paired with a corporate guarantee from Omar Abu Bakr Balubaid Co., both covering the financing in full.

 

The loan came in line with the company's strategy that aims to diversify its exposure with various banks, as well as secure competitive banking facilities with better commercial terms and borrowing costs, to support the company growth and enhancement of its performance. In addition, APICO seeks to maintain the leverage within the firm's acceptable/healthy level.

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