Al Mohafaza secures SAR 3M interest-free loan from Maroum Al-Hafar

Logo of Al Mohafaza Company for Education

Al Mohafaza Company for Education obtained today, Feb. 24, an interest-free loan of SAR 3 million from Maroum Al-Hafar Medical Services Co.

In a statement to Tadawul, the company said the loan is to be repaid in a single installment within four months, with a promissory note provided as collateral.

The financing will be used to support the company’s ongoing projects and fulfill its obligations, the statement added, noting that the loan is part of the company’s ordinary business and that no preferential benefits were granted to the lender.

Al Mohafaza said Maroum Al-Hafar is a related party, as Chairman Abdullah Al-Muhaimid serves as the latter’s director and partner, board member Mohammed Al-Muhaimid is also a partner, and both, along with Vice Chairman and Managing Director Salah Al-Muhaimid, have an indirect interest in the financing transaction.