Riyadh -  Professional Medical Expertise Company (ProMedEx) has secured a SAR 50 million multi-purpose financing agreement from Banque Saudi Fransi, according to a bourse disclosure.

The funding, which was obtained on 17 September 2023, is a renewal and an increase of SAR 40 million facilities approved in 2022.

ProMedEx noted that the financing is valid until 31 August 2024 and aims to fund purchase orders from suppliers to import goods, as well as to cover the issuance of final guarantees for local projects.

The facilities agreement is a multi-use credit with various limits to allow using the appropriate limit according to the company's needs and based on the requirements of the Saudi market to cover existing and future projects.

It is worth noting that ProMedEx started trading on the Saudi Exchange’s (Tadawul) Parallel Market (Nomu) last July.

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