FPC Industries Co., an 80 percent owned subsidiary of Filling and Packing Materials Manufacturing Co. (FIPCO), inked a SAR 35.3 million worth of financing agreement with Saudi Industrial Development Fund (SIDF).
The loan facility will be paid off in 12 semi-annual installments over a period of seven years, the company said in a bourse statement.
The credit facility will be guaranteed by a promissory note at SIDF and a plant assets’ mortgage.
The loan will be directed to finance the FPC project which will produce coated technical fabrics (CTF), including all kinds of PVC, PU, Acrylic, Silicon and PTFE coatings.
No related parties are involved in the deal, the statement added.
Last year, FIPCO invested SAR 122 million to own an 80 percent stake in a manufacturing industries JV with EIRAD Investment Co., Argaam previously reported.
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