Fawaz Alhokair corrects bank’s name regarding SAR 3 bln Murabaha facility

Fawaz Abdulaziz Alhokair Co. announced on Thursday that the name of one of the banks with which it signed a Murabaha financing agreement worth SAR 3 billion ($800 million) was mentioned wrongly in its previous bourse filing on March 2.

The retailer said in an addendum statement to Tadawul that Abu Dhabi Islamic Bank as announced earlier was wrong, and the correct name of the bank is Abu Dhabi Commercial Bank. 

On March 2, the retailer announced signing a Murabaha financing agreement worth SAR 3 billion ($800 million) with a syndicate of banks, Argaam reported.