Riyadh – Mubasher: Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) has secured Sharia-aligned funding at a combined value of SAR 1.26 billion from Bank Albilad, Banque Saudi Fransi, and Gulf International Bank (GIB).
Secured by promissory notes, the three loans aim to support the Saudi listed firm’s expansion plans and finance its working capital, according to recent bourse disclosures.
Bank Albilad
The company inked a SAR 550 million credit facility agreement with Bank Albilad. The loan comprises a long-term financing valued at SAR 350 million and holds a 10-year duration period, including a grace period of three years.
Moreover, the agreement contains a short-term facility worth SAR 200 million with a one-year duration period.
Banque Saudi Fransi
SPIMACO penned another financing deal with Banque Saudi Fransi at a total value of SAR 225 million for one year.
The investment includes a short-term funding amounting to SAR 200 million, in addition to treasury facility worth SAR 25 million.
Gulf International Bank (GIB)
The medical firm secured a three-type SAR 485 million loan from GIB, including one-year short-term funding and treasury facilities worth SAR 200 million and SAR 35 million, respectively.
This is in addition to a long-term financing worth SAR 250 million which holds a tenor of six years, including a two-year grace period.
In the first six months (6M) of 2022, SPIMACO turned to net losses worth SAR 21.10 million, compared to net profits of SAR 53.63 million during the same period a year earlier.
