The Saudi Paper Manufacturing Company announced the signing of a credit facility agreement in accordance with Islamic law, with the Saudi Investment Bank to reschedule the existing financing with the group.
She explained that the previous bank credit payment period is 6 months, starting from August 31, 2019 and ending on January 1, 2020, so that 500 thousand are paid monthly and the last installment is fully paid. The remaining amount is 41.067 million riyals.
She stated that the financing period after rescheduling is 6 years, starting from January 31 and ending on December 31, 2025, provided that payment is made according to monthly installments including profits. p>
The company noted that it obtained the facilities with a bond guarantee for an order only without any additional guarantees, stating that the reason for the rescheduling to suit the conditions of the company's cash flow.
The paper industry emphasized in the statement, that there are no parties involved in the agreement.