AL-KHODARI SIGNS ISLAMIC CREDIT FACILITY AGREEMENT

Abdullah A. M. Al-Khodari Sons Company announces the signing of Islamic Credit Facilities Agreement with The Saudi British Bank (SABB) on 30/04/2012 in the amount of SAR 200 million. The bank extended facilities for the purpose of providing bonding commitments, hedging and working capital needs of the company. 15% of the facilities shall be utilized under MURABAHA (funded) and 85% are for multi bonds, documentary credit and cost of finance hedging till expiry of the credit agreement which may be renewed after 31/03/2013. The repayment shall be made after the maturity of applicable tenor of the facility for which it would be drawn. The facilities are secured by promissory note and assignment of the contract proceeds of to be financed projects.