CMCER gets SAR 22M credit facility from Riyad Bank

04:27 PM (Mecca time) Argaam
Logo ofCanadian Medical Center Co. (CMCER)

Logo of Canadian Medical Center Co. (CMCER) 

Canadian Medical Center Co. (CMCER) signed today, Jan. 14, a Shariah-compliant credit facility agreement worth SAR 22 million with Riyad Bank, according to a statement to Tadawul.

 

The company said it will use the facilities to finance new project contracts and issue project-related letters of guarantee and documentary credits.

 

The facilities will mature in three years, CMCC noted, adding that it provided a promissory note as collateral for the financing.

 

There are no related parties to the deal, CMCC said.

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