Middle East Healthcare Co. (MEAHCO), which owns and operates Saudi German Hospitals, has signed a SAR 500 million Islamic financing (Musharka) agreement with Alinma Bank, the company said in a bourse statement.
The agreement was signed on Thursday, July 26, 2018. The loan availability period is until March 31, 2021.
The purpose of the loan is to finance construction of its hospital in Makkah and finance outpatient tower and inpatient beds expansion of Saudi German Hospital Riyadh, the statement added.
The amount is covered by a promissory note from the company and will be repaid in 14 semi-annual installments, with the first payment to be in September 2021 and last payment in March 2028.
In a separate statement the company said that it has also signed a SAR 200 million Murabaha agreement with Samba Financial Group.
The agreement was signed on Thursday, July 26, 2018, the statement said, adding that the loan availability period is until Dec. 31, 2020.
The funds will be used to finance construction of staff housing at Saudi German Hospital branches in Dammam and Makkah.
The amount is covered by a promissory note from the company and will be repaid in 14 semi-annual installments. The first payment will be made in June 2021, and the last in December 2027.
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