Further reference to FIPCO announcements published on Tadawul website on Sunday, Shaaban 11, 1438H corresponding to May 07, 2017, which relates to signing of partial Islamic credit facility agreement with Riyad Bank.
In order to complete the project finance for its subsidiary (FPC Industries Co.), FIPCO is pleased to announce that the credit facility limits have been renewed for sharia compliant
Banking facility agreement on May 08, 2018 bringing to increase the credit limits to SR 72 million based on the following details:
1- Long term loan with SR 23 million, scheduled to be settled over 4 years after a grace period of 1 year.
2- Bridge short term loan (temporary) of SR 21 million, pending on the fulfillment of the financing requirements with the Saudi Industrial Development Fund, by pledging an amount of SR 25 million with a Sharia compliant Murabaha Fund.
3- Short term loan of SAR 28 million to finance working capital and to support the operational activities of FIPCO and its subsidiary.
It is noteworthy that the renewed facility agreement has mitigated FIPCO's obligations by reducing the mortgaged amount from SR 49 million to SR 25 million to guarantee the bridge loan only and temporarily as foresaid indicated
FIPCO assures that no related parties will be involved, and any material developments in this regard will be announced in due course.
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