Arabian Plastic Industrial Company (APICO) announces the securing of SR 25 million shariah compliant banking facility from Saudi National Bank (SNB).

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1445/08/15     25/02/2024 15:46:10

Element ListExplanation
Introduction Arabian Plastic Industrial Company (APICO) has secured shariah compliant banking Facilities of SR 25M to finance working capital from Saudi National Bank (SNB). This is in line with the company strategy of:-

• Diversifying its exposure with various banks.

• Securing competitive banking facilities with better commercial terms and borrowing costs, to support company growth and enhancement of its performance.

• Maintaining the leverage within the acceptable/healthy level for the Company.

Date of obtaining the funding 2024-02-25 Corresponding to 1445-08-15
Financing entity Saudi National Bank (SNB)
Financing amount. SR 25,000,000
Financing duration. Revolving facilities are renewable yearly.
Guarantees offered for the financing • Promissory notes covering the full exposure provided by APICO.

• Corporate guarantee from Omar Abu Bakr Balubaid Company covering the full exposure.

Financing objective Financing working capital requirements of APICO.
Related Parties A corporate guarantee from Omar Abu Bakr Balubaid Company covering the full exposure

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.

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