Care secures SAR 500 mln financing from Riyad Bank

Logo of National Medical Care Co. (Care) 

National Medical Care Co. (Care) obtained today, Oct. 16, a long-term Shariah-compliant Murabaha financing worth SAR 500 million from Riyad Bank, the company said in a statement to Tadawul. 

 

This is in order to finance Care’s working capital and support its strategy for acquisitions and expansion. 

 

The amount is divided into a SAR 200 million revolving loan, to be renewed periodically, and a SAR 300 million long-term loan for up to 10 years with a grace period of up to two years. 

 

The financing is covered by a promissory note, the statement added, noting that there are no related parties. 

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