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Saudi Printing and Packaging Co. — Capital/Financing Update 2021
Jan 27, 2021
53427_rns_2021-01-27_1a17e54a-3ec6-459e-b634-90797e4dc24f.html
Capital/Financing Update
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Saudi Printing and Packaging Company announces the signing by one of its subsidiaries of a Shariah-compliant bank facility agreement with Commercial Bank of Dubai.
4270 · 27/01/2021 09:15:09 · Announcement #61761 · View on Saudi Exchange
Saudi Printing and Packaging Company announces the signing by one of its subsidiaries of a Shariah-compliant bank facility agreement with Commercial Bank of Dubai.
| Element List | Explanation |
|---|---|
| Introduction | Saudi Printing and Packaging Company announces the signing by one of its 100% owned subsidiaries in UAE (Emirates National Factory for Plastic Ind LLC) a Shariah-compliant bank facility agreement with Commercial Bank of Dubai. |
The total of facilities is AED 475 million, as following: Date of obtaining the funding 2021-01-26 Corresponding to 1442-06-13 Financing entity Commercial Bank of Dubai Financing amount. AED 475 million Financing duration. • Long-term financing of AED 375 Million, to be repaid over 8 years.
• Short-term financing amounted to AED 100 Million. Guarantees offered for the financing The facility is secured by a promissory note (equivalent to facility value) in favor of the bank and other collateral. Financing objective 1-The amount utilized under the long-term facility shall be applied towards:
* Early settlement of outstanding facilities with other banks in UAE, the total of facilities AED 275 million.
* Financing capital projects in the total of AED 100 million.
2-The amount utilized under the short-term facility shall be applied to fund working capital. Related Parties No related parties on this agreement.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.