ProMedEx obtains SAR 74.5M financing from Riyad Bank

05:21 PM (Mecca time) Argaam
Logo ofProfessional Medical Expertise Co. (ProMedEx)

Logo of Professional Medical Expertise Co. (ProMedEx)

Professional Medical Expertise Co. (ProMedEx) secured today, Oct. 13, a Shariah-compliant financing worth SAR 74.5 million from Riyad Bank. 

 

In a statement to Tadawul, the company said that the funding includes SAR 6.5 million in letters of guarantees, SAR 22.5 million in letters of credit and SAR 45 million in Tawarruq.

 

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The one-year financing is intended to fund existing projects and business expansions, the statement added.

 

The funding is covered by promissory notes from each ProMedEx and Al Omran Holding.

 

The signing of the credit facility agreement, dated Sept. 8, was concluded today, ProMedEx noted, pointing out that no related parties are involved.

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