Specialized Medical Company (SMC) has signed a 1.1 billion Saudi Riyal ($ 293.29 million) Sharia-compliant credit facility deal with Saudi Awwal Bank (SAB).
The facility consists of a long-term part of SAR 800 million, having a tenure of 144 months, and the short-term facility of SAR 300 million with a term of eight months, the company stated in a statement to the Saudi stock exchange on Thursday.
The long-term facility proceeds will be used to construct SMC 4 Hospital in Riyadh, and the short-term facility will operate to meet the working capital needs of the company.
The statement reported that this credit will be secured by a promissory note and mortgage over the land where the new hospital will be located.
