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Al Hokair inks SAR 1.25bn deal with Al Rajhi Bank

Al Hokair inks SAR 1.25bn deal with Al Rajhi Bank
Al Hokair inks SAR 1.25bn deal with Al Rajhi Bank
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Riyadh – Mubasher: Fawaz Abdulaziz Al Hokair Co signed on Tuesday a 7-year Murabaha agreement with Al Rajhi Bank at a value of SAR 1.25 billion ($333 million).

The agreement aims to repay all short-term loans at 6-month intervals, the firm told the Saudi Stock Exchange (Tadawul) on Wednesday.

The Tadawul-listed company has awarded the finance through a promissory note, and will deposit a portion of its sales in Al Rajhi Bank.