Abdullah A. M. Al-Khodari Sons Company said on Wednesday that it inked a $50 million Islamic credit agreement with the Abu Dhabi-based Al Hilal Bank.
The facilities will be used to fund the company’s purchase of fixed assets, Al-Khodari said in a filing to Tadawul.
The credit facilities include 58 percent Murabaha financing and 42 percent multipurpose collaterals.
The agreement has a three-year term and will be repaid in three annual installments.
“The facilities are secured by promissory note and assignment of the contract proceeds of the financed project,” the company added.
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