Riyadh – Mubasher: Abdullah Abdul Mohsen Al Khodari Sons Company (Al Khodari) has signed an agreement with Banque Saudi Fransi to renew its Islamic credit facilities.

The financing facilities are worth SAR 204.5 million ($54.5 million), according to a bourse statement issued on Tuesday.

Al Khodari noted that the purpose of these facilities is to fund the working capital and capital expenditure (capex) requirements of the company.

The company noted that 38% of the facilities will be funded under the Murabaha/Tawarroq modes of financing, whereas 62% limits are for multi bonds, Al Khodari said.

These credit facilities will mature on 31 January 2018; meanwhile, the credit limits are supposed to mature in 18 months.

Al Khodari said that the facilities will be liquidated at a percentage of each collection from certain financed projects, while the repayment is set at a monthly instalment of varying amount between SAR 1 million to SAR 2 million.