Saudi Printing signs SAR 75M financing deal with SRMG

Saudi Printing and Packaging Co. (SPPC) signed on Aug. 13 a financing agreement with one of its major shareholders, Saudi Research and Media Group (SRMG) for SAR 75 million, according to a statement to Tadawul.

The facility, which will mature on Dec. 31, 2028, will be used to finance the working capital requirements.

It will be repaid in total at maturity, with the option to settle the amount through conversion into shares, subject to the agreed terms and conditions, the statement added.

The deal involved related parties including Chairman Marzouq Al Nasser, Board Member Turki bin Omar, and Board Member Saleh Al-Duwais, who also serves as General Manager of the Saudi Research and Publishing Co. (a subsidiary of SRMG).

The deal comes within the ordinary course of business, in accordance with applicable commercial terms, and without any preferential conditions.

SRMG owns 42% of the share capital of the Saudi Printing and Packaging Company, while the Saudi Research and Publishing Company holds a 7% stake.