Saudi German Hospitals has signed a R305m (US$81.3m) Shariah-compliant two-part debt facility with Al Rajhi Bank.
R120m of the facility are revolving loans that are renewed periodically while the remaining R185m loan has a six-year tenor including a two-year grace period.
The former is to cover working capital while the latter is to finance the company’s digitisation transformation, it said in a statement to the Tadawul.
The debt facility is guaranteed by a promissory note from the company.
Earlier this month, the company signed a R7m four-year lease contract for a hospital building in Jeddah with Bait Al Batterjee College for Medical Sciences and Technology.
In December last year, it closed a three-times oversubscribed D550m (US$149.7m) Islamic syndicated loan facility with a number of banks.
Source Laing Buisson