ProMedEx secures SAR 5 mln loan from SNB to pay suppliers

11/09/2023 Argaam
Logo ofProfessional Medical Expertise Co. (ProMedEx)

Logo of Professional Medical Expertise Co. (ProMedEx)

Professional Medical Expertise Co. (ProMedEx) agreed with Saudi National Bank (SNB) to temporarily increase its existing financing limit by SAR 5 million, the company said in a statement to Tadawul.

 

The additional funding will be used to pay suppliers’ invoices after ProMedEx expanded its projects with the National Unified Procurement Co. (NUPCO).

 

The facility term is six months from the date of the loan, the statement said, indicating the new funding will be used to purchase goods that need to be supplied to its various projects in the Kingdom.

 

The company has furnished owners and corporate guarantees for 110% of the total facility value. It aims to finance 80% of the supplier bills.

 

The funding will be paid directly to the suppliers approved by the company to supply medical devices and products, ProMedEx said, adding that there are no related parties to the contract.

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