Care signs SAR 1.2B Murabaha financing, credit facility deals with ANB

04:33 PM (Mecca time) Argaam
Logo ofNational Medical Care Co. (Care)

Logo of National Medical Care Co. (Care)

National Medical Care Co. (Care) signed today, Nov. 10, a Murabaha financing agreement worth SAR 1 billion with Arab National Bank (ANB), in addition to a Shariah-compliant overdraft loan deal worth SAR 200 million.

 

In a statement on Tadawul, Care said the financing will be used to fund the construction of Al-Narjis Hospital and cover working capital requirements.

 

The Murabaha financing carries a 10-year tenure, while the credit facilities are renewable periodically. As collateral, the company provided ownership deeds for land and buildings, along with promissory notes, in favor of ANB.

 

There are no related parties to the deals, the statement added.

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