Saudi Arabia-based Filling and Packing Materials Manufacturing Company (Fipco) has announced that its subsidiary FPC Industries Co has signed a financing agreement with the Saudi Industrial Development Fund (SIDF).
The credit facility is valued at SR35.50 million ($9.41 million), said a statement to Tadawul.
The loan will be repaid in 12 semi-annual installments, starting from September 2020 over a period of seven years.
Plant assets will be mortgaged to SIDF as a guarantee for the credit facility, it said.
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