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Saudi German Hospital inks SAR 350m loans with Emirates NBD, Bank Albilad

Saudi German Hospital inks SAR 350m loans with Emirates NBD, Bank Albilad
The first deal was signed with Emirates NBD with a total value of SAR 150 million
Emirates NBD
EMIRATESNBD
0.00% 13.15 0.00
SAUDI GERMAN HOSPTL
4009
-0.59% 25.15 -0.15
ALBILAD
1140
1.80% 23.70 0.42

Riyadh – Mubasher: Middle East Healthcare Company (Saudi German Hospitals) has signed two Shari'a compliant facility agreements with Emirates NBD and Bank Albilad valued at SAR 350 million.

The first deal was signed with Emirates NBD with a total value of SAR 150 million, and it will be allocated for financing the working capital, according to a filing to the Saudi Stock Exchange (Tadawul) on Wednesday.

The agreement, which was guaranteed by a promissory note, is renewable.

As for the second credit facility, it was signed with Bank Albilad with a total value of SAR 200 million.

The loan, which was guaranteed by a promissory note, will be expired on 24 September 2020.

Around SAR 100 million will be allocated for financing the working capital, while the rest will be used to finance the purchasing of operating equipment construction.

The healthcare company noted that the working capital financing is repayable in one installment after nine months from the date of use, while the financing of the purchase of operational equipment is repayable in quarterly installments over five years, with a grace period of 12 months.