FILLING & PACKING MATERIAL. MFG. CO. (FIPCO) announces of renewal banking facility agreement (Shariah-compliant) with Bank Albilad

ELEMENT LISTEXPLANATION
IntroductionFilling and Packing Materials MFG. Co. (FIPCO) announces of renewal banking facility agreement (Shariah-compliant) with Bank Albilad as follows:
Date of Receiving the Credit Facility2020-04-27 Corresponding to 1441-09-04
FinancierBank Albilad
Credit Facility valueSR 30 Million
Credit Facility durationone year starting from Mar. 25, 2020 and ends in Mar. 25, 2021
Guarantees Provided for Credit FacilityThe facility is secured by a promissory note in favor of Bank Albilad
Purpose of the Credit FacilityThe purpose of this facility is to finance the working capital for FIPCO and its subsidiary (FPC Industries Co.)
Related PartiesNo related Parties involved in this agreement.
Additional InformationThe final approved agreement was obtained on 27/04/2020.