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SPIMACO borrows SAR 150m in loan contract

SPIMACO borrows SAR 150m in loan contract
The loan repayment period shall be twelve months
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Riyadh – Mubasher: The Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) signed a loan agreement for SAR 150 million with the Saudi Industrial Development Fund (SIDF).

The new contract comes in line with SPIMACO’s cooperation agreement with the SDIF to strengthen the Saudi export financing initiative, the company disclosed to the Saudi Stock Exchange (Tadawul) on Tuesday.

The loan repayment period shall be twelve months starting from the signing date, while any later instalment is to be paid during a twelve-month period starting from the loan’s expiry date, in case the repayment period has ended, the company further highlighted.

SPIMACO aims to finance the pre-shipment services in a way to support exporting the company’s products to foreign markets, the company remarked, stressing that no relevant third parties are present.