Abdullah A. M. Al-Khodari Sons Co. renewed a SAR 94 million Islamic credit facilities agreement with Bahrain’s Gulf International Bank (GIB) on Nov. 24, it said in a bourse statement on Wednesday.

 

The credit facilities are to provide bonding commitments and fund the working capital and capex requirements of the company’s projects.

 

Al-Khodari added that 35 percent of the facilities are funded under Murabaha modes of financing, whereas 65 percent 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 will be made in monthly installments until June 30, 2020, the statement added.

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