Abdullah A. M. Al-Khodari Sons Company announces the renewal of Islamic credit facilities from Gulf International Bank.
Abdullah A. M. Al-Khodari Sons Company announces the signing of the renewal of Islamic credit facilities agreement with Gulf International Bank (GIB) on 28/11/2017 in the amount of SAR 94 million (Saudi Riyals ninety-four million only).
These credit facilities are to provide bonding commitments and fund the working capital and capex requirements of the projects. 35% of the facilities are funded under Murabaha modes of financing, whereas 65% limits are for multi-purpose bonds.
The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects. The settlement of the credit shall be made in monthly instalments till end of 30/06/2020.