“FIPCO” renews the facility of bank facilities by 30 million riyals

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RIYADH – Mubasher: The Packaging Material Manufacturing Company (FIPCO) announced today, Tuesday, the renewal of a banking facility agreement (in compliance with Islamic Sharia) with Bank Albilad.

The company, in a statement on Tadawul, said that the final approved agreement was signed on April 27, with a total value of 30 million riyals.

FIPCO added that the funding period is one calendar year, starting on March 25 and ending on March 25, 2021.

She explained that the aim of the facilities is to finance the working capital of the company and its subsidiary (FPC Industrial Company), indicating that it obtained the financing with a bond guarantee for an order in favor of the bank.

The company confirmed that there are no related parties to the agreement.

On April 20, the company renewed a Sharia-compliant bank facility agreement with Riyad Bank in the amount of 25 million riyals for a year.

The company’s share ended the trading day, down by 0.368%, to the level of 39.85 riyals.

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