SPIMACO ADDWAIEH Signs Credit Facilities Agreements with 3 Banks amounting to SR1.26 bln

The Saudi Company for Pharmaceutical Industries and Medical Appliances (SPIMACO) announced on Monday the signing of a credit facility agreement with 3 banks: “Bank Albilad, Banque Saudi Fransi, and Gulf International Bank at a value of SR1.26 billion for the purpose of financing working capital requirements and financing future expansions and investments.
The company said in a statement on Monday on “Tadawul” that the total value of the credit facilities with Bank Albilad amounted to SR550 million (compliant with Islamic Sharia), which is:
– Short-term facilities is (SR200 million).
– Long-term credit facilities worth (SR350 million).
– The short-term facility is for a period of one year (revolving loan on demand).
– Long-term facilities for 10 years including 3 years grace period.
As for the credit facility agreement with Banque Saudi Fransi, amounting to SR225 million (Sharia compliant), it is as follows:
– Short-term credit facilities amounting to (SR200 million).
– Treasury facilities in the amount of (SR25 million).
The financing term is one year (revolving loan on demand).
The credit facility agreement with Gulf International Bank amounting to SR485 million (compliant with Islamic Sharia) is as follows:
– Short-term credit facilities amounting to (SR200 million).
– Long-term credit facilities worth (SR250 million).
– Treasury facilities in the amount of (SR35 million).
It explained that the funding period:
– Short-term facility for one year (revolving loan on demand).
– Long-term facilities for 6 years including 2 years grace period.