Saudi Arabia's Lana Medical Secures $1.3 Million Financing
27 September 2024•
By Staff Writer
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Mohammed Al-Matrudi, Executive Director of Lana Medical Company
Lana Medical Co. has successfully secured a SAR 5 million (approximately USD 1.33 million) Shariah-compliant credit facility from Banque Saudi Fransi, according to a statement issued to Tadawul.
The financing agreement, which spans a 1,080-day term, is backed by promissory notes. The funds will be used to support the company's projects, specifically to cover the final letters of guarantee if necessary.
Lana Medical also clarified that there are no related parties involved in the deal.
Source: Eye of Riyadh
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