Riyadh – Mubasher: Al Hammadi Company for Development and Investment on Monday announced that one of its subsidiaries has signed an Islamic Financing Facilities Agreement with Samba Financial Group.

Pharma Serve, which signed the deal, is a wholly-owned subsidiary of Medical Support Services Company, which in turn is 100%-owned by Al Hammadi.

The total value of the 730-day financing amounts to SAR 125 million, Al Hammadi said in a statement to the Saudi Stock Exchange (Tadawul), noting that the facilities will be used to finance the unified procurement tender for vaccines for 2018 to all the participating government health authorities.

The facilities are guaranteed by a promissory note against the total facilities value to Samba Financial Group’s benefit, the statement concluded.