SpecializedMedical Company (SMC Healthcare) secured a SAR 1.1 bn shariah-compliant loan agreement with Saudi Awwal Bank (Sab), it said in a Tadawul disclosure on Thursday. The funding includes SAR 800 mn in 12-year facilities and SAR 300 mn in eight-month facilities.

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Where will the money go? The private health provider will use the long-term facilities to finance the development of a new hospital, SMC 4, in Riyadh’s Khuzam Suburb, while the short-term ones will fund the company’s working capital. The loan agreement is backed by a promissory note and the mortgage of the land on which the project will be built.

REFRESHER- SMC floated a 30% stake in a secondary offering that was 65x oversubscribed by institutional investors and 1.45x oversubscribed by retail investors. Shares were priced at SAR 25 each — the top of the indicative range — implying a market cap of SAR 6.3 bn at listing and raising SAR 1.9 bn for the selling shareholders.

Tadawul debut snapshot: The company shed 3.5% on its Tadawul debut to close at SAR 24.16 apiece. Thursday saw the price close at SAR 19.30, down over 20% since its first day of trading in June.

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