Al-Khodari inks $50 mln loan agreement with Al Hilal Bank

24/12/2014 Argaam

Abdullah A. M. Al-Khodari Sons Company said on Wednesday that it inked a $50 million Islamic credit agreement with the Abu Dhabi-based Al Hilal Bank.

The facilities will be used to fund the company’s purchase of fixed assets, Al-Khodari said in a filing to Tadawul.


The credit facilities include 58 percent Murabaha financing and 42 percent multipurpose collaterals.

The agreement has a three-year term and will be repaid in three annual installments.

“The facilities are secured by promissory note and assignment of the contract proceeds of the financed project,” the company added.

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