Saudi Arabia.. “FIPCO” shares rise after signing a credit facilities agreement with “Al Rajhi”

The stock of Packaging Materials Manufacturing, known as FIPCO, which is listed and traded on the Saudi Stock Exchange (Tadawul), rose in the middle of the trading session on Tuesday, after announcing that it had signed a credit facilities agreement with Al Rajhi Bank.

The stock rose by 0.55%, trading at 45.75 riyals, while trading on the stock came through 291 trading transactions, including 73,944 thousand shares, with a trading value approaching 3.4 million riyals.

During the session, the highest price of the share at that time was 45.85 riyals, while the lowest price was 45.1 riyals.

The Packaging Materials Manufacturing Company signed a credit facility agreement compatible with the provisions of Islamic Sharia with Al Rajhi Bank on December 16 of last year 2024.

FIPCO confirmed that all legal procedures related to the agreement, worth 50 million riyals, have been completed, including completing the necessary signatures, as the final version of the agreement was delivered yesterday, Monday.

FIPCO explained that the financing period extends for one year, starting from the date of signing the agreement, and ending on November 30, 2025.

She indicated that a promissory note was issued for the value of the financing as a guarantee, explaining that this financing falls under the heading of short-term revolving facilities, which aims to finance the company’s working capital needs.