RIYADH: Saudi Pharmaceutical Industries and Medical Appliances Corp. has secured SR1.26 billion ($335 million) worth of Shariah-compliant financing to grow the business.
Better known as SPIMACO Addwaieh, the firm obtained the facilities in the form of short-term loans to finance working capital needs, long-term loans for expansions and investments, and treasury facilities, according to a bourse filing.
Bank Albilad, Gulf International Bank, and Banque Saudi Fransi were the sole financing entities of the transaction, contributing SR550 million, SR485 million, and SR225 million, respectively.
Established in 1986, SPIMACO is one of the biggest players in the Saudi medical sector, engaged in manufacturing and distributing pharmaceutical products and medical appliances.
