Riyadh – Mubasher: Scientific & Medical Equipment House Company has signed a Sharia-compliant facility agreement with Alinma Bank, where the firm obtained SAR 265 million.

The company will use the proceeds of the financing to endorse its awarded projects, in addition to funding its working capital and avoiding liquidity shortage, according to a bourse filing.

Scientific & Medical Equipment obtained the funding on 22 January, yet it will be effective until 30 September 2023.

The listed company earlier announced a project award with the Saudi Ministry of Health for a contract worth SAR 173.50 million. This followed other projects between the two sides in Medina and Riyadh with contracts worth SAR 194.81 million and SAR 166.63 million, respectively.