Abdullah A. M. Al-Khodari Sons Company announces the renewal of Islamic Facilities Agreement.
Abdullah A. M. Al-Khodari Sons Company announces the signing of the renewal of existing Islamic Facilities Agreement with Riyad Bank on 11/07/2018 in the amount of SAR 231,377,000 (Two Hundred Thirty-one Thousand Three Hundred Seventy-Seven Thousand Saudi Riyals).
The purpose of these credit facilities is to provide bonding commitments and to fund capital requirements and working capital needs for the company specific projects and general businesses. The modes of utilization are tawarroq, progress payment, multi bonds, documentary credit and murabaha financing.
The credit facilities renewed by Riyad Bank comprise of 63% murabaha and 37% multi bonds and documentary credit.
The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects. The credit facilities agreement is renewable at its expiry date of 25/02/2021, however, the credit limits extended by the bank will mature over the life of the respective financed projects.
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