The Middle East Paper Manufacturing (MEPCO) announced the signing of an agreement to purchase a plot of land in the King Abdullah Economic City for a value of 83.18 million riyals.

The company said in a statement to the Saudi market (Tadawul) that the land will be used in the company's future projects.

She explained that the area of ​​the purchased plot is 132.03 thousand square meters, indicating that the purchase currency does not include the value-added tax.

The company reported that financing the purchase transaction through loans from banks, knowing that the terms of the deal include the payment of 20% of the purchase value with the signing of the contract and the rest in 9 annual installments that start From the end of March 2021.

MEPCO stated that the financial impact of this transaction will be reflected on the lands as well as the obligations of the contract value from the date of signing the contract, and the financial impact of the deal will appear on the financial statements for the first quarter of 2020. p>