ProMedEx Secures $20 Million Shariah Financing from Riyad Bank
14 October 2024•
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David Roberts, ProMedEx Chairman
ProMedEx, a leading healthcare company, announced on Oct. 13 that it has secured Shariah-compliant financing worth SAR 74.5 million (USD 20 million) from Riyad Bank. According to a statement to Tadawul, the financing package includes SAR 6.5 million in letters of guarantees, SAR 22.5 million in letters of credit, and SAR 45 million in Tawarruq.
The one-year loan is aimed at supporting the company’s ongoing projects and expansion plans. The agreement is backed by promissory notes from both ProMedEx and Al Omran Holding, with the credit facility signed on Sept. 8. The company also confirmed that no related parties are involved in the transaction.
Source: Argaam
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