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

ELEMENT LIST EXPLANATION
Introduction Filling and Packing Materials MFG. Co. (FIPCO) announces of renewal banking facility agreement (Shariah-compliant) with Bank Albilad as follows:
Date of Receiving the Credit Facility 2020-04-27 Corresponding to 1441-09-04
Financier Bank Albilad
Credit Facility value SR 30 Million
Credit Facility duration one year starting from Mar. 25, 2020 and ends in Mar. 25, 2021
Guarantees Provided for Credit Facility The facility is secured by a promissory note in favor of Bank Albilad
Purpose of the Credit Facility The purpose of this facility is to finance the working capital for FIPCO and its subsidiary (FPC Industries Co.)
Related Parties No related Parties involved in this agreement.
Additional Information The final approved agreement was obtained on 27/04/2020.