ProMedEx renews SAR 38M credit facility with SNB

27/03/2024 Argaam

ProMedEx renews SNB credit facility deal worth SAR 38M

Logo of Professional Medical Expertise Co. (ProMedEx) 

Professional Medical Expertise Co. (ProMedEx) renewed its SAR 38 million Shariah-compliant credit facilities agreement with Saudi National Bank (SNB), which ended on Sept. 30, 2023.

 

According to a statement to Tadawul, the 8-month agreement is guaranteed by a payment and performance bond by the Chairman of the board of directors, payment and performance bond by Al-Omran Industrial Trading Co. and a promissory note.

 

The purpose of the financing is to renew the facilities contract to issue various letters of guarantee and multi-purpose financing, the statement pointed out, adding that there are no related parties.

 

The company stated that the agreement is dated January 18, 2024, but the signatures on the agreement were not completed until March 26, 2024.

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