Correction announcement from Professional Medical Expertise Co. Regarding the Company’s Announcement of Obtaining Shariah-Compliant Credit Facilities from Bank AlJazira
| Element List | Explanation |
|---|---|
| Date of Publishing the Previous Announcement Sought to be Corrected on Saudi Exchange’s Website | 2026-10-05 Corresponding to 1448-04-24 |
| Hyperlink to the Previous Announcement | Click Here |
| Incorrect statements in the previous announcement | Introduction: Professional Medical Expertise Company (ProMedEx) announces that it has obtained Shariah-compliant credit facilities from Bank AlJazira, with an aggregate credit limit of SAR 50,000,000, to finance the purchase and import of medical materials, devices, and equipment. The documents and signatures required for the facilities were completed on Monday, 05/10/2026, while the facility documents are dated 21/09/2026. The facilities include the following revolving sub-limits: 1. Financing of foreign suppliers’ invoices through deferred sale leading to Tawarruq (Dinar Program): up to SAR 15,000,000, with a maximum of 80% of the value of each invoice. 2. Sight or deferred-payment documentary credits, and their financing through deferred sale leading to Tawarruq: up to SAR 35,000,000. 3. Jahiz Credits: up to SAR 35,000,000. The aggregate amounts utilized under all sub-limits shall not exceed SAR 50,000,000 at any time; therefore, the sub-limits should not be aggregated as separate financing amounts. Facilities Duration: One year from the date of the Facility Offer Letter Facilities Guarantees: A promissory note for SAR 55,000,000. |
| Correct Statement | Professional Medical Expertise Company (ProMedEx) announces that it has obtained Shariah-compliant credit facilities from Bank AlJazira, with an aggregate credit limit of SAR 50,000,000, to finance the purchase and import of medical materials, devices, and equipment. The documents and signatures required for the facilities were completed on Monday, 05/10/2026, while the facility documents are dated 21/09/2026. The facilities include the following revolving sub-limits: 1. Financing of foreign suppliers’ invoices through deferred sale leading to Tawarruq: up to SAR 15,000,000, with a maximum of 80% of the value of each invoice. 2. Sight or deferred-payment documentary credits, and their financing through deferred sale leading to Tawarruq (Dinar Program): up to SAR 35,000,000. 3. Jahiz Credits: up to SAR 35,000,000. Facilities Duration: Revolving facilities with no fixed expiry date stated in the facility documents, subject to the Bank’s annual credit review, with a maximum tenor of 240 days per utilisation. Facilities Guarantees: 1. A joint and several guarantee from AlOmran Holding Company (LLC). 2. A promissory note for SAR 55,000,000 issued by the Company to the order of Bank AlJazira and guaranteed by AlOmran Holding Company. |
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