Middle East Healthcare Co. (Saudi German Hospital) inked a Sharia-compliant credit facility agreement with Al Rajhi Bank, at a total value of SAR 305 million, the company said in a bourse filing.
The credit facility will include SAR 120 million revolving loans, renewed periodically, and SAR 185 million for a period of 6 years, including a two-year grace period.
The facility is guaranteed by a promissory note.
The SAR 120 million facility will go towards short-term financing to cover working capital needs, while SAR 185 million facility will be used as medium-term financing for company's digitization transformation.
No related parties are involved in the deal, the statement added.
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