Riyadh, Saudi Arabia — National Medical Care Company has obtained a Shariah-compliant long-term Murabaha facility at SAR 350 million ($93.3 million) from the Gulf International Bank (GIB).
In a Tadawul statement, Care said the facility comprises SAR 100 million revolving loan to be renewed periodically, and a SAR 250 million long-term loan for a period of 10 years with a grace period of one year, according to Argaam.
The financing facility was guaranteed by a promissory note to GIB.
The facility will be used to finance the company’s working capital requirements and support its strategy via expansion and acquisitions.
The deal included no related parties, the statement added.
