Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO) secured two loans worth SAR 900 million with Saudi British Bank (SABB) and Al Rajhi Bank on 28 December 2022.

The two facilities are guaranteed by promissory notes with the total value of the loans in favour of the lenders, according to bourse disclosures.


SPIMACO inked a Sharia-compliant facility agreement worth SAR 650 million with SABB. The investment comprises long-term financing valued at SAR 500 million and holds a tenor between eight and 10 years, including a grace period of two years.

The deal also contains a short-term facility worth SAR 150 million with a one-year duration period.

Meanwhile, the company will use the proceeds of the short-term facilities to finance its working capital, whereas the long-term funding will be used to back future expansions and investments.

Al Rajhi Bank

The Tadawul-listed firm signed a short-term facility deal with Al Rajhi Bank at a value of SAR 250 million for one year in order to finance its working capital.

In the first nine months (9M) of 2022, SPIMACO turned to net losses after Zakat and tax worth SAR 67 million, compared to net profits of SAR 60.03 million in 9M-21.