In line with the company’s strategy and future plans, the Saudi Paper Manufacturing Company (SPMC) has announced the signing of a Sharia-compliant facility agreement with Emirates NBD to the tune of 150 million Saudi riyals (approx $39.9 million).
The Dammam-based tissue-paper manufacturer revealed that the loan will be used to back its cash liquidity required to cover working capital for day-to-day operations. Through the facility, Saudi Paper also aims to expand its purchase of raw materials for starting operations of new production lines, including its fifth production line, and its subsidiaries.
The one-year agreement is secured by a promissory note for the full value of the loan.
