Riyadh-Mubasher: Abdulmohsen Alhokair Group for Tourism and Development Company signed an Islamic credit facilities agreement (Tawarruq) with Saudi British Bank (SABB) on 31 March, according to a bourse filing.
Standing at a total amount of SAR 50 million, the agreement aims to fund the company’s expansion projects.
The credit facilities are comprised of term loans and will mature over a maximum tenor of 5 years.
The contract period will be from 27 March 2016 to 31 March 2017, the company added.
The facilities are secured by a promissory note from Alhokair.
