The Saudi Company for Pharmaceutical Industries and Medical Supplies announced the signing of a credit facilities agreement (compliant with Islamic law) with Al Rajhi Bank, at a value of 250 million Saudi riyals.
The drug said, in a statement on Tadawul, today, Thursday, that the agreement signed with Al-Rajhi Bank took place on December 28, 2022, and the financing period is one year.
The drug explained in the statement that the guarantees provided in exchange for financing are a promissory note of 250 million riyals.
The drug indicated that the aim of the financing provided by Al Rajhi Bank is to finance the company's working capital requirements.
On the other hand, the drug announced today also the signing of a credit facilities agreement (compliant with Islamic law) with SABB Bank, at a value of 650 million riyals, on yesterday.
The company said that the financing is long-term credit facilities provided by SABB Bank at a value of 500 million riyals, in addition to 150 million riyals, the value of renewing short-term credit facilities from the bank.
Al-Daweya explained that the guarantees provided in exchange for financing for SABB Bank are a promissory note of 650 million riyals, with terms of one year for short-term financing, and a period of 8-10 years for long-term facilities, including two years as a grace period.
And she indicated that the financing she obtained from SABB Bank aims to finance the company's working capital requirements in the short term, and to finance future expansions and investments for long-term financing.
