Abdullah A. M. Al-Khodari Sons Company renewed two Islamic credit agreements worth SAR 1.135 billion with National Commercial Bank (NCB) and Saudi Hollandi Bank (SHB), the company said in statement to Tadawul, Saudi Arabia’s bourse.
The two deals, inked on Sunday, are set to provide bonding commitments and fund capital requirements and working capital needs for the company's general purposes and specific projects.
The first deal with the NCB is worth SAR 282 million and is comprised of 28 percent Murabaha financing and 72 percent multi-bonds. The agreement will expire Sept. 30, 2015.
Meanwhile, the agreement signed with SHB— worth SAR 853 million— includes 43 percent Murabaha financing, 57 percent multi-bonds, and is set to expire on Dec. 31 2015.
The multifaceted contracting company said that both facilities are secured by a promissory note. The major amounts of Murabaha facilities are settled at 20 to 50 percent of collected amounts from the financed projects, Al-Khodari added.
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