One of the hospitals of SMC. The company will use the long-term tranche of the loan to build its new hospital in Riyadh
Specialized Medical Co. (SMC) signed a SAR 1.1 billion Shariah-compliant credit facility agreement with Saudi Awwal Bank (SAB) with competitive terms and conditions, according to a Tadawul statement. 
The company obtained the credit facility on Oct. 15, which includes long-term facilities worth SAR 800 million for 144 months, and short-term facilities of SAR 300 million for eight months.
The facility will cover working capital requirements, the statement said.
The long-term facilities will be utilized in financing the construction of SMC 4 Hospital in Riyadh, while the short-term facilities will support the company’s working capital needs.
The facilities are guaranteed by a promissory note from the company and a mortgage on the land on which the new hospital will be built.
There are no related parties involved in the transaction, the statement said.
One of the hospitals of SMC. The company will use the long-term tranche of the loan to build its new hospital in Riyadh
Specialized Medical Co. (SMC) signed a SAR 1.1 billion Shariah-compliant credit facility agreement with Saudi Awwal Bank (SAB) with competitive terms and conditions, according to a Tadawul statement.
The company obtained the credit facility on Oct. 15, which includes long-term facilities worth SAR 800 million for 144 months, and short-term facilities of SAR 300 million for eight months.
The facility will cover working capital requirements, the statement said.
The long-term facilities will be utilized in financing the construction of SMC 4 Hospital in Riyadh, while the short-term facilities will support the company’s working capital needs.
The facilities are guaranteed by a promissory note from the company and a mortgage on the land on which the new hospital will be built.
There are no related parties involved in the transaction, the statement said.
