Jana Medical secures SAR 76.1M credit facility with Riyad Bank

Jana Medical Co. signed, on July 9, an Islamic financing agreement worth SAR 76.05 million with Riyad Bank, according to a statement to Tadawul today, Dec. 23.

The financing is aimed to fund a project entailing the supply of 120 ambulances to government health authorities in coordination with the Saudi Red Crescent Authority (SRCA), the company added. It noted that there are no related parties to the deal.

The facility is valid from July 9, 2024, to March 1, 2027, said the company, adding that the guarantees offered for the financing are under the Kafalah program, alongside a joint liability guarantee as per the Kafalah agreement.

According to data available to Argaam, Jana Medical – which made its debut on the Nomu-Parallel Market earlier this month – recently signed a SAR 190.95 million contract with SRCA to supply 120 ambulances to government health entities.