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Saudi German Hospital secures SAR 305m loan from Al Rajhi Bank

Saudi German Hospital secures SAR 305m loan from Al Rajhi Bank
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SAUDI GERMAN HOSPTL
4009
-0.14% 36.80 -0.05
ALRAJHI
1120
-0.30% 66.50 -0.20

Riyadh – Mubasher: The Middle East Healthcare Company (Saudi German Hospital) on Wednesday received Sharia-compliant credit facilities worth SAR 305 million from Al Rajhi Bank.

A total of SAR 120 million of the financing is revolving loans that will be renewed periodically, while the remaining sum of SAR 185 million will be paid within six years, including a two-year grace period, according to a bourse disclosure.

Moreover, the first amount is short-term financing that aims to cover working capital needs whilst the second sum is a medium-term loan that will be used in financing the healthcare provider's digital transformation.

The loan is guaranteed by a promissory note, the statement concluded.