ProMedEx renews credit facility with Riyad Bank, ups limit by SAR 10M

Logo of Professional Medical Expertise Co. (ProMedEx) 

Professional Medical Expertise Co. (ProMedEx) renewed its financial facilities with Riyad Bank and increased the credit limit by SAR 10 million to SAR 84 million.

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According to 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 55 million in Tawarruq and purchase orders.

The funding is covered by promissory notes from ProMedEx and a guarantee under a joint and several guarantee agreement from Al Omran Holding.

The facility is intended to fund existing projects and business expansions, the statement added.

The signing of the agreement, dated Feb. 11, was concluded on March 24, ProMedEx noted, pointing out that no related parties are involved.