Avalon Pharma Secures SAR 30 Million Long-Term Loan from Industrial Fund

Middle East Pharmaceutical Industries Company (Avalon Pharma) announced on Wednesday the signing of a SAR 30 million loan agreement with the Saudi Industrial Development Fund for a seven-year term. The loan will be used to finance expansion and acquire equipment and machinery for the production of semi-solid human medicines.

The company stated in a Tadawul filing today that repayment will be made in 12 equal semi-annual installments (Hijri calendar) as per the agreed-upon schedule with the Fund.

As part of the loan guarantees, Avalon Pharma has mortgaged all fixed assets of the project, including land plots under the following title deeds:

• Title deed No. 910121016951 (dated 18/07/1431H)
• Title deed No. 310112020258 (dated 07/09/1431H)
• Title deed No. 381943000100 (dated 16/10/1441H)