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 28/03/2017 in the amount of SAR 252 million (Saudi Riyals two hundred fifty-two million only).
These credit facilities are to provide bonding commitments and fund the working capital and capex requirements of the projects. 60% of the facilities are funded under Murabaha modes of financing and documentary credits, whereas 40% limits are for multi-purpose bonds.
The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects. The agreement will expire on 27/02/2018; however, the credit limits will mature over the life of the prospective financed projects. The Murabaha facilities are settled at various periodical maturities.