Care secures SAR 350 mln Murabaha facility from GIB

10/09/2023 Argaam

Care secures SAR 350 mln Murabaha facility from GIB

Logo of National Medical Care Co.  (Care)

National Medical Care Co. (Care) obtained, on Sept. 7, a Shariah-compliant long-term Murabaha facility at SAR 350 million from Gulf International Bank (GIB), according to a statement to Tadawul.

 

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.

 

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.

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