Saudi paper manufacturer secures $130m loan to fund growth

  • 4/24/2022
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RIYADH: Saudi-listed Middle East Paper Co. has secured Shariah-compliant financing worth SR485 million ($130 million) from Bank AlJazira to fund future growth. The majority of the loan will be used to settle existing medium-term facilities and finance projects, the paperboard manufacturer said in a bourse filing. Jeddah-based MEPCO’s profits surged 970 percent in 2021, buoyed by higher sales of SR1.06 billion during the year.

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