SIDF agrees to finance Qomel subsidiary’s SAR 50.7M pharmaceutical plant

10/09/2024 Argaam
Logo ofQomel Co.

Logo of Qomel Co. 

Qomel Co. announced that its wholly owned subsidiary – Qomel Manufacturing Co. – obtained approval or a letter of commitment from the Saudi Industrial Development Fund (SIDF) to finance the establishment of a pharmaceutical factory, at a value of SAR 50.7 million.

 

The company explained in a statement on Tadawul that the financing period is six years with a grace period of up to six years.

 

For more news and details on the projects

 

The loan will be repaid in 14 semi-annual installments of an unequal value starting on Feb. 15, 2030, according to the agreed upon repayment schedule.

 

The company indicated that all fixed assets related to the project were mortgaged, adding that personal guarantees were provided in exchange for the financing.

 

There are no related parties, the statement noted.

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