ZAWYA: Saudi's Avalon Pharma renews $14mln credit with Saudi Investment Bank

About this update from Middle East Pharmaceutical Industries Company

First published: 26-Aug-2025 07:21:26Staff WriterMiddle 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 [email protected])Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

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