Al-Hokair secures SAR 1bn Islamic credit with a group of banks

05/06/2014 Argaam

Fawaz Abdul-Aziz Al-Hokair Group signed SAR 1bn Islamic credit agreement on June 4th, 2014.

The agreement has a term of 7 years, till June 2021, and the amount is to be repaid on semiannual installments after a grace period of 18 months from the signing date; the company said in its filing to Tadawul today.

The credit is secured by a promissory note and was granted by Samba Financial Group as an investment agent, Gulf International Bank, NCB, Arab Bank –Bahrain-, Saudi Hollandi Bank and Kuwait National Bank –Jeddah’s branch.

This credit aims at financing outstanding loans and financing the company’s purposes in general including its future expansion plan.

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