Middle East Paper Company (MEPCO) has extended a Sharia-compliant credit facility agreement worth SAR 200 million with Bank Albilad.

The credit facility is a revolving loan renewable in August of every year. The deal is guaranteed by a promissory note, equivalent to the facility value, in favour of the bank, according to a stock exchange filing on Thursday.

MEPCO said it will use the loan to finance its working capital and capital expansions.