Al Hammadi Company for Development and Investment announces that Pharma Serve, a wholly-owned subsidiary of Medical Support Services Company (a fully owned subsidiary of Al Hammadi), has signed an Islamic Financing Facilities Agreement with SAMBA Financial Group as follows:
1.The agreement was signed on monday, May 28, 2018.
2.The total size of the financing facilities is SAR 125 million. These facilities include Murabaha financing, letters of credits and letters of guarantees.
3.The purpose of these facilities is to finance the unified procurement tender for vaccines to all participating government health authorities for the year 2018.
4.The duration of the financing is 730 days.
5.The financing facilities are guaranteed by a promissory note against the total facilities value to the benefit of SAMBA Financial Group.