Al Khodari secures SAR 135 mln credit from majority shareholder

31/12/2015 Argaam

Abdullah A. M. Al-Khodari Sons Co. signed a SAR 135 million Islamic credit agreement with its majority shareholder, Abdullah A. M. Al-Khodari Sons Investment Holding Co. (related party) on Dec. 30, the company said in a statement to the Saudi bourse, Tadawul.

 

The amount will go towards funding the working capital and capex requirements of the company.

 

The credit is covered by a promissory note and is to be repaid free of financial charges or commission within three years, the company added.

 

Earlier this month, the construction contractor decided to shelve a capital-increase proposal citing present market conditions.

 

It later renewed a SAR 274.01 million Islamic credit facility with Al-Bilad Bank, which it said would go towards working capital and capex requirements.

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