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Abdul Mohsen Al Hokair inks SAR 45m loan deal

Abdul Mohsen Al Hokair inks SAR 45m loan deal
Photo Credit: Arabianeye-Reuters
SAIB
1030.B
-0.70% 17.04 -0.12
Default Company
1820.B
0.00% 0.00 0.00

Mubasher: Abdul Mohsen Al Hokair Group for Tourism and Development Co has signed an agreement with The Saudi Investment Bank to obtain SAR 45 million ($12 million) worth Islamic credit facility.

The loan agreement has a one-year duration period starting from 20 April 2017 to 20 April 0218, the company said in a bourse statement issued on Monday, noting that this loan will be used in covering the financing of Al Hokair’s business expansion.

The credit facility includes long-term loans which will be repaid in quarterly installments for eight years of which two years will be a grace period.

At the stock level, Abdul Mohsen Al Hokair closed Monday’s session 0.51% lower at SAR 33.3.