The Saudi Printing and Packaging Company announced that one of its wholly owned subsidiaries in the United Arab Emirates, the Emirates National Factory for Plastic Industries, signed a bank facility agreement, in compliance with the provisions of Islamic Sharia law, with Commercial Bank of Dubai for a total of 475 million dirhams (129.3 million Dollars).
Saudi Printing and Packaging Company said in a statement to the Saudi Stock Exchange, Tadawul, that the facilities are divided into long-term financing of 375 million dirhams, repayable over 8 years, and short-term financing of 100 million dirhams.
The Saudi company has set 3 financing goals, which are early repayment of existing facilities in favor of other banks in the UAE, worth 275 million dirhams, financing capital projects worth 100 million dirhams, in addition to using short-term facilities for the purpose of financing working capital.
