Saudi Paper signs SAR 150M credit facilities deal with Emirates NBD

03/07/2024 Argaam
Logo ofSaudi Paper Manufacturing Co.

Logo of Saudi Paper Manufacturing Co.

Saudi Paper Manufacturing Co. signed today, July 3, a Shariah-compliant credit facilities agreement worth SAR 150 million with Emirates NBD.

 

In a statement to Tadawul, Saudi Paper said the one-year financing was obtained today, subject to a renewable annual term.

 

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These facilities aim to support cash liquidity to cover working capital for operations. The funding aligns with its strategy, future plans, and expansions in purchasing raw materials for its new production lines and subsidiaries, including the fifth production line, the statement added.

 

The agreement was secured at preferential and competitive profit margin rates. The company provided a promissory note for the full value of the credit facility as collateral.

 

There are no related parties to the deal, it noted.

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