FILLING & PACKING MATERIAL. MFG. CO. (FIPCO) ANNOUNCES SIGNING OF FINANCING AGREEMENT WITH THE SAUDI INDUSTRIAL DEVELOPMENT FUND (SIDF)

ELEMENT LISTEXPLANATION
IntroductionFIPCO is pleased to announce for the distinguished shareholders that it has signed financing agreement with SIDF as follows:
Date of obtaining the funding2021-12-15 Corresponding to 1443-05-11
Financing entityTHE SAUDI INDUSTRIAL DEVELOPMENT FUND (SIDF)
Financing amount.SR 15,1 million
Financing duration.The loan will be repaid in 12 unequal, semi-annual installments, starting from 15/08/1445H, over a period of seven years, as agreed with SIDF.
Guarantees offered for the financingPlant assets will be mortgaged to SIDF as well as signing of a promissory note at the benefit of SIDF.
Financing objectiveFinancing an expansion of all products of small, jumbo and valve bags aiming to increase the production capacity (Productivity) and improve the quality levels.
Related PartiesNo related Parties involved in this agreement.