Promedex renews, raises credit facility with BSF to SAR 108M

Professional Medical Expertise Co. (Promedex) announced the renewal and increase of its Islamic financing facility with Banque Saudi Fransi to SAR 108 million.

In a statement on Tadawul, the company said the facility is structured to include SAR 70 million multi-purpose limit covering bank guarantees, letters of credit, and Tawarruq financing to settle project-related invoices; SAR 28 million letters of credit facility for bank guarantees and SAR 10 million multi-purpose financing limit, including FX options, forward currency transactions, and/or interest rate swaps.

The company, along with Al Omran Holding Co., provided promissory notes as collateral against the financing.

The facility will be used to fund the company’s ongoing projects and expansion plans.

There are no related-party transactions involved in the deal.

The agreement was dated March 10, while signing and activation were completed on April 23.

The facility term is one year from the date of the agreement, expiring on March 31, 2027.