Al-Khodari renews SAR 290.1 mln credit deal with GIB

Abdullah A. M. Al-Khodari Sons Co. said on Monday it has renewed an agreement with Gulf International Bank (GIB) to secure SAR 290.1 million in Islamic credit facilities from the bank.

The credit will be utilized to fund working capital and capex requirements, the Saudi contracting company added in a statement to Tadawul.

Under the terms, 36 percent of the facilities will be funded under Murabaha, while 64 percent will stem from multi-purpose bonds and letters of credit.

Tenor extends from six to 48 months, depending on the purpose of the funding, which will be repaid in quarterly and semiannual installments.