Riyadh - Mubasher: Specialized Medical Company (SMC) signed a Sharia-compliant credit facility agreement with Saudi Awwal Bank (SAB) totaling SAR 1.10 billion on 15 October.

The deal includes a long-term facility of SAR 800 million and a short-term working capital facility of SAR 300 million, according to a bourse filing.

Valid for 144 months, the long-term loan will finance the construction of a new hospital project (SMC 4) in Riyadh’s Khuzam Suburb on Prince Faisal bin Bandar road. Meanwhile, the eight-month short-term facility will support the company’s working capital needs.

The financing is backed by a corporate promissory note and a land mortgage.

In June, EFG Hermes, an EFG Holding Company, completed its advisory on the $500 million initial public offering (IPO) of Specialized Medical Company.

Last August, SAB finalized the issuance of $1.25 billion USD-denominated Tier 2 capital green notes.