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.