Dubai: The Saudi Paper Manufacturing Company secures a Sharia-compliant financing facility amounting to $40 million (Dh147 million) from Emirates NBD in July this year.
The publicly listed company intends to utilise the loan to bolster its cash reserves, specifically for meeting working capital needs essential for its operational activities, as disclosed in the stock exchange statement.
Saudi Paper's strategic goal includes expanding its procurement of raw materials to facilitate the commencement of operations on newly established production lines.
This one-year financing arrangement is backed by a promissory note equivalent to the loan amount.
In June 2023, the Saudi company extended its operational footprint by establishing a branch for one of its subsidiaries in Dubai.
