Riyadh – Mubasher: Abdullah Abdul Mohsen Al Khodari Sons has signed a renewal agreement for an Islamic credit facility worth SAR 330.4 million with Al Inma Bank, the company said in a bourse filing Monday.
This agreement aims to provide bonding commitments and to fund the company’s working capital as well as capex requirements, said it added.
68% of the facilities are funded by Murabaha mode (cost-plus financing), while 32% are allocated for multi bonds and documentary credits, the firm’s statement added.
The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects.
The agreement will expire on 30 November, 2016
