AL-KHODARI SIGNS ADDENDUM ISLAMIC FINANCE AGREEMENT WITH BANQUE SAUDI FRANSI

Abdullah A. M. Al-Khodari Sons Company announces the signing of Addendum Islamic credit facilities agreement with Banque Saudi Fransi (BSF) on 27/01/2013 in the net amount of SAR 156.24 million (One hundred fifty-six million and twenty four thousand Saudi Riyals). 
The purpose of these facilities is to provide cover against funding cost & foreign currency fluctuations, bonding commitments and fund the working capital and capex requirements of the specific projects of the company. 
The addendum credit agreement shall expire on 31/03/2013 along with the Main Credit Agreement, however the credit limits shall mature over the contractual lives of the financed projects which ranges between 24 to 36 months. The Morabaha/Tawarroq facilities are to be liquidated in monthly instalment of varying amount between SR 1,000,000 to SR 2,000,000 per month. The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects.