ProMedEx obtains SAR 25M credit facilities from Al Rajhi Bank

Logo of Professional Medical Expertise Co. (ProMedEx) 

Professional Medical Expertise Co. (ProMedEx) obtained credit facilities from Al Rajhi Banking & Investment Corp. (Al Rajhi Bank) worth SAR 25 million.

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According to a statement to Tadawul, the 12-month agreement is guaranteed by:

1- A guarantee pursuant to a fine and solidarity bond declaration from Abdullah Al-Omran, and Muhammad Jamal Al-Madyan.

2- Acknowledgment of a guarantee from Al-Omran Holding Co.

3- A promissory note for 110% of the facilities, with a total of SAR 27 million.

ProMedEx indicated that the funds are aimed at financing existing projects and business expansion, noting that there are no related parties.

The company stated that the agreement is dated May 28, 2024, but the signatures on the agreement were completed on July 23.