Al-Khodari renews SAR 75 mln Islamic credit facility

Abdullah A. M. Al-Khodari Sons Company (Al-Khodari) has renewed its existing SAR 75.91 million Islamic credit facilities agreement with Bank Albilad, it said in a statement to Tadawul on Monday.

The credit facilities, which comprise 30 percent Murabaha loans and 50 percent of multi-purpose bonds, will fund the bonding commitments, working capital as well as capex requirements.

The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects.

The agreement will expire on Dec. 30, 2022, the statement added.

In April, Al-Khodari had renewed its SAR 330 million Islamic credit agreement with Alawwal Bank.