Alhokair Group reschedules SAR 89 mln Islamic banking facilities with SABB

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Abdul Mohsen Alhokair Group Co. for Tourism and Development signed today, Feb. 17, 2021, an agreement to reschedule Islamic banking facilities worth SAR 89.02 million with Saudi British Bank (SABB), according to a bourse filing.

The rescheduling process came in line with Alhokair’s cash flows, which will have a positive impact on managing the company's cash flows.

The term of Murabaha liquidity finance by metal (Tawarruq) worth SAR 74.67 million was extended by 12 months after the rescheduling to five years, including a one-year grace period.

Moreover, the term of Murabaha liquidity finance by metal (Tawarruq) worth SAR 14.35 million was extended by one year after rescheduling to six years, including a one-year grace period.

A promissory note was offered as a guarantee for the rescheduled financing, Alhokair said, adding that there are no related parties to the deal.