Middle East Healthcare Co. (Saudi German Hospital) has inked a SAR 200 million Sharia-compliant credit facility with Bank Albilad, the company said in a bourse filing.
The credit facility will go for financing the working capital (SAR 100 million) and purchasing equipment (SAR 100 million).
The first portion will be repaid as a lumpsum after nine months of disbursement, while the second will be repaid in quarterly installments in five years, including a grace period of 12 months.
The facility agreement, which was guaranteed by a promissory note, will expire on Sept. 24, 2020.
The Saudi German Hospital also inked another Sharia-compliant revolving credit facility at SAR 150 million with Emirates NBD, which will go for financing the working capital.
The facility agreement was guaranteed by a promissory note and is renewable.
Both deals included no related parties, the statement added.
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