Al-Khodari reschedules SAR 135 mln Islamic loan with majority shareholder

01/01/2019 Argaam

 

Abdullah A. M. Al-Khodari Sons Co. has signed an agreement with majority shareholder, Abdullah A. Al Khodari Sons Investment Holding Co. to reschedule its SAR 135 million worth of Islamic loan.

 

The loan has been restructured to improve the Tadwul-listed company's cash flows, the company said in a bourse statement on Tuesday.

 

The new agreed upon repayment term is 60 days, renewable upon mutual agreement, compared to the original three-year tenor.

 

The credit is covered by the original promissory note, Al-Khodari added.

 

On Dec. 30, 2015, Al-Khodari signed a SAR 135 million Islamic credit agreement with its majority shareholder, Abdullah A. M. Al-Khodari Sons Investment Holding Co., Argaam reported.

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