Al Khodari renews SAR 274 mln credit facility from Albilad Bank

Abdullah A. M. Al-Khodari Sons Company signed on Thursday a renewal agreement for a SAR 274.01 million Islamic credit facility with Al-Bilad Bank.

The amount will go towards working capital and capex requirements, the company said in a statement to Tadawul.

About 27 percent of the facilities are funded under Murabaha modes of financing, whereas 73 percent limits are for multi-purpose bonds.

The credit agreement is to expire on Sept. 8, 2016. However, credit limits will mature over the contractual term of the financed projects, which range between 36 to 60 months, the company said.

The credit is secured by a promissory note and assignment of the contract proceeds of the financed projects, Al Khodari added in its statement.