“APICO” signs a credit facility agreement with “SNB” amounting to 25 million riyals

Arab Plastics Industry Company (APICO) announced the signing of a credit facility agreement with Saudi National Bank worth 25 million riyals, compatible with Islamic Sharia.

The company explained that the purpose of this agreement is to finance working capital, in line with its strategy as follows:

– Diversifying banking transactions with different banks.

– Obtaining better credit terms and lower borrowing rates to support the growth plan and improve the company’s performance.

– Maintaining acceptable borrowing levels appropriate to the size of the company’s transactions.

The financing period will be a revolving facility that will be renewed annually, in exchange for a promissory note guarantee covering the entire banking facilities from APICO, and a corporate guarantee from Omar Abu Bakr Balabid Company covering the entire banking facilities.