Abdullah A. M. Al Khodari Sons Co. renewed an Islamic credit facilities agreement for a total value of SAR 124.5 million with Bank Albilad on Tuesday, the company said in a statement on Tadawul.
While the agreement will expire on Oct. 11, 2017, the credit limits will mature over the life of the prospective financed projects which may extend between 24 to 36 months, the statement added.
Forty-two percent of the facilities are in the form of murabaha facilities, while the remaining 58 percent represent multi-purpose bonds.
The funds will be used for working capital and capex requirements, the company said, adding that the facilities are secured by a promissory note and contract proceeds of financed projects.
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