AL-KHODARI SONS RENEW THE ISLAMIC CREDIT FACILITIES AGREEMENT WITH GULF INTERNATIONAL BANK.

Abdullah A. M. Al-Khodari Sons Company announces the signing of the renewal of Islamic credit facilities agreement with Gulf International Bank (GIB) on 30/01/2014 in the amount of SAR 290,130,000 (Two hundred ninety million one hundred thirty thousand Riyals).
These credit facilities are to provide bonding commitments and fund the working capital and capex requirements of the projects. 36% of the facilities are funded under Murabaha modes of financing, whereas 64% limits are for multi-purpose bonds and documentary credits.
The credit limits tenor ranges from 6 months to 48 months, depending upon the purpose of their utilization. The Murabaha facilities are to be liquidated in quarterly and semi-annually installments of various values. The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects.