Abdullah A. M. Al-Khodari Sons Company announces signing of renewal Islamic credit facilities from Banque Saudi Fransi.
Abdullah A. M. Al-Khodari Sons Company announces the signing of renewal of Islamic credit facilities agreement with Banque Saudi Fransi (BSF) on 07/08/2017 in the amount of SAR 204,536,847 (Two Hundred Four million and Five Hundred Thirty Six Thousand Eight Hundred Forty Seven Riyals).
The purpose of these facilities is to provide bonding commitments and fund the working capital and capex requirements of the company. 38% of the facilities are funded under Morabaha/Tawarroq modes of financing, whereas 62% limits are for multi bonds.
The credit agreement shall expire on 31/01/2018 however the credit limits shall mature over the contractual lives of the financed projectswhich is 18 months. The facilities are to be liquidated at a percentage of each collection from certain the financed projects, repayment is set in monthly instalment of varying amount between SR 1 million to 2 million. The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects.
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