Mubasher: Abdul Mohsen Al Hokair Group for Tourism and Development Co has signed an agreement with The Saudi Investment Bank to obtain SAR 45 million ($12 million) worth Islamic credit facility.
The loan agreement has a one-year duration period starting from 20 April 2017 to 20 April 0218, the company said in a bourse statement issued on Monday, noting that this loan will be used in covering the financing of Al Hokair’s business expansion.
The credit facility includes long-term loans which will be repaid in quarterly installments for eight years of which two years will be a grace period.
At the stock level, Abdul Mohsen Al Hokair closed Monday’s session 0.51% lower at SAR 33.3.
