Fawaz Abdulaziz Alhokair Co. signed on Tuesday a murabaha financing agreement worth SAR 1.25 billion with Al Rajhi Bank, the Saudi retailer said in a statement to Tadawul.
The loan facility will go towards repaying all short-term loans.
The amount is covered by a promissory note, and the company is also required to deposit a ratio of its sales return in its bank accounts at Al Rajhi Bank.
The facility has a tenure of seven years and will be repaid gradually in semiannual installments.
Comments
{{DisplayName}}
{{ElapsedTime}}