Riyadh – Mubasher: Middle East Healthcare Co, known as the Saudi German Hospital (SGH), on Sunday announced signing an Islamic commercial financing agreement with the National Commercial Bank (NCB) worth SAR 100 million ($26.7 million).
The deal was signed on Thursday, 2 March, and will extend until July this year, SGH said in a bourse filing.
It added that the loan, which will be used to finance working capital requirements, was subject to an annual renewal.
The guarantee for the loan is a promissory note from the company, the statement read.
Loan repayment may be done in monthly, quarterly, bi-annual instalments, or in one shot, the company said but did not specify which of these options it plans to adopt.
The healthcare company’s stock gained 0.36% to SAR 70.25 by 11:50am Saudi time.
In February, SGH signed a financing agreement with UAE-based Ajman Bank for the construction of the Saudi German Hospital – Ajman (SGH-Ajman) project.
In December 2016, the company also signed a deal with Samba Financial Group worth SAR 300 million (80 million), which will end by December 2019.
