Al Hokair Group secures SAR 225 mln in facilities to fund expansions

02/05/2017 Argaam

Abdulmohsen Al Hokair Group for Tourism & Development Co. has signed today two sharia-compliant financing facility agreements with Al Rajhi Bank and Saudi Investment Bank (SAIB) for a total value of SAR 180 million and SAR 45 million respectively, the company said in two statements to Saudi bourse, Tadawul.

 

These loan facilities will go towards financing the company's expansion plans.

 

The loan facility from Al Rajhi Bank will extend for one year from April 3, 2017 to April 3, 2018, and will be repaid in quarterly installments for eight years, including a 2-year grace period.

 

The financing facility arranged by SAIB will last for one year between April 20, 2017 and April 20, 2018, and will be repaid in semi-annual installments for seven years, including 2-year grace period.

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