Al-Hokair borrows $200 million from Société Générale to finance expansion

Fawaz Abdulaziz Al-Hokair Company signed today USD 200 million, five-year sharia-compliant finance deal with Société Générale to finance expansion projects.

The company will use the money to finance the purchase of 42 fashion boutiques bought from Dana Group, and to execute expansion plans, a filing to Tadawul said.

The facility is collateralized by a promissory note, and will be paid back in quarterly installments starting a year after the date of signing.