Al-Khodari renews SAR 345 mln credit facility deal with Alawwal Bank

Abdullah A. M. Al-Khodari Sons Company (Al-Khodari) renewed today a SAR 345 million Islamic credit agreement with Alawwal Bank, it said in a statement to Tadawul.

The credit facility, which comprise 61 percent Murabaha financing and 39 percent of multi bonds, will fund capital requirements and working capital needs for general purposes and specific projects.

The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects.

The agreement will be due for renewal after one year; but the credit limits will mature over the life of the prospective financed projects, the statement said.

The Murabaha facilities will be settled at 45 percent of collected amounts from the financed projects, the company said.

The deal has no related parties, it added.