MEPCO renews, amends two bank facility agreements with NBK, SABB

Middle East Paper Company (MEPCO) on Thursday renewed and amended its Shariah-compliant bank facilities agreement with National Bank of Kuwait (NBK), the

company said in a bourse statement.

The agreement was amended by increasing the facility value from SAR 110 million to SAR 213 million.

The credit facility agreement is renewable at the end of agreement on June 30, 2019.
 

In a separate statement, the company said it has also renewed and amended its Shariah-compliant bank facilities agreement with The Saudi British Bank (SABB).

The agreement was amended by increasing the facility value from SAR 150 million to SAR 208 million.

The credit facility agreement is renewable at the end of agreement on February 28, 2019.

Both facilities are secured by a promissory note (equivalent to facility value) in favor of the granting banks.

The amount is intended to finance the company’s working capital and to meet other business requirements.

No related parties are involved on these agreements, the statements added.