Al-Hokair Group secures SAR 100m credit from Al-Rajhi bank

24/09/2014 Argaam

Abdulmohsen Al-Hokair Group for Tourism and Development Co. announced signing SAR 100m Islamic credit agreement with Al-Rajhi bank.

The credit period extends from July 17, 2014 to July 30, 2015.

The amount is intended for purchasing games, equipment and furniture for the hotels in addition to paying off some rentals; the company said in its filing to Tadawul today.

The credit is guaranteed by two promissory notes of SAR 77.1m and SAR 30.4m.

The facilities granted from Al-Rajhi bank include letters of credit and Murabaha loans to be repaid on quarterly installments for 4 years as well as forward sale agreements for the rent payments to be repaid within 6 months.

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