AL-KHODARI SIGNS ISLAMIC FINANCE AGREEMENT WITH GULF INTERNATIONAL BANK

18/06/2013 Tadawul

Abdullah A. M. Al-Khodari Sons Company announces the signing of Islamic credit facilities agreement with Gulf International Bank (GIB) on 17/06/2013 in the amount of SAR 290,130,000 (Two Hundred Ninety Million One Hundred Thirty Thousand Riyals).

These credit facilities are to providing bonding commitments and fund the working capital and capex requirements of the company. 52% of the facilities are funded under Murabaha modes of financing, whereas 48% limits are for multi-purpose bonds and documentary credits.

The credit limits shall mature over the contractual live of the financed project(s) which is 48 months. The Murabaha facilities are to be liquidated in monthly installment of SR 2 million. The facilities are secured by promissory note and assignment of the contract proceeds of the financed project(s).

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