Al-Khodari secures SAR 604 mln credit deals from SAMBA, ADCB

Abdullah Al-Khodari Sons Co. has obtained two Islamic credit facilities worth SAR 604 million from Samba Financial Group and Abu Dhabi Commercial Bank (ADCB), the company said in a statement to Tadawul.

The first SAR 379 million credit deal was secured on May 7 from Samba Financial Group, and includes 74 percent of non-funded facilities and 26 percent of funded facilities. It will be used to finance the company’s capital increase requirements, as well as several projects based on Sharia guidelines.

Set to expire on November 30, 2015, the facility has a financing period between 36 months and 60 months. 

In a separate statement, the company said it signed on May 7 its second financing deal— worth AED 225 million— with ADCB. The facility will be used to provide letters of guarantee and letters of credit to finance the purchase of goods, in addition to some of the company's various projects.

The agreement with ADCB will expire on March 31, 2016, with a finance period of 36 months.