Abdullah A. M. Al-Khodari Sons Company announces the renewal of Islamic credit facilities.
Abdullah A. M. Al-Khodari Sons Company announces the signing of the renewal of existing Islamic credit facilities agreement with Al-Bilad Bank on 7/5/2018 in the amount of SAR 75,908,000 (Seventy-Five Million Nine Hundred Eight Thousand Saudi Riyals).
The purpose of these facilities was to provide bonding commitments and fund the working capital and capex requirements of the company. 30% of the facilities are funded under Murabaha modes of financing, whereas 70% limits are for multi-purpose bonds.
The credit agreement shall expire on 30/12/2022. The Murabaha facilities are to be settled at a certain percentage of the periodical collected amounts from the financed projects. The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects.
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