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MEPCO Inks SAR 485 million Agreement with Bank AlJazira

Jeddah-based Middle East Paper Company (MEPCO) introduced the signing of a Shariah-compliant credit score facility settlement with Bank AlJazira to the tune of 485 million Saudi riyals (SAR).

An announcement launched to the Saudi Stock Exchange Tadawul final Sunday (24 April, 2022) disclosed that the financing consists of medium-term services valued at 350 million riyals for a interval of 5 years with a one-year grace interval; revolving letter of credit score services of 100 million riyals with a tenor of 360 days, together with a sub-limit of short-term loans maturing inside 180 days; and treasury merchandise at 35 million riyals for a five-year interval.

The firm goals to make use of the medium-term services to repay and restructure the present medium-term loans, along with financing development tasks.

The services are secured by a promissory word representing 110% of the worth of services in favour of the financial institution.

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