Middle East Pharmaceutical Industries Co (Avalon Pharma) has renewed its credit facility worth SAR 54.23 million ($14.5 million) with the Saudi Investment Bank.

The Shariah-compliant deal will enable the company to secure funds to support operations and acquire assets, the company said on Monday.

Avalon Pharma had issued a promissory note for more than SAR 54 million as a guarantee for the one-year financing deal.

The company posted SAR 24.8 million in net profit for the second quarter of the year, marking a 13.7% increase over the same period last year.

(Writing by Cleofe Maceda; editing by Seban Scaria seban.scaria@lseg.com)