MEAHCO signs two Islamic financing facilities with Bank Albilad, Emirates NDB for SAR350mn
Middle East Healthcare Company (MEAHCO) [4009.SE] signed two Shariah-compliant credit facilities for a total of SAR350mn. The facility from Bank Albilad (worth SAR200mn) will be used to finance working capital (SAR100mn) and purchasing equipment (SAR100mn). The facility will expire on 24 Sep 2020, with the first portion (SAR100mn) repaid 9 months from the disbursement date, while the remaining SAR100mn will be repaid in quarterly instalments over five years (including a grace period of 12 months). Moreover, the facility signed with Emirates NBD (worth SAR150mn) will be used to finance working capital and is renewable.
Middle East Healthcare Co. (MEAHCO): SAR26.60 as of 9 Oct. 2019, Rating: Neutral, TP: SAR34.00/share, MCap: USD653mn, MEH AB/4009.SE
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