Riyadh – Mubasher: Abdullah A. M. Al-Khodari Sons Company on Monday announced renewing an Islamic loan with Al Bilad Bank worth SAR 75.908 million.

The facility will expire on 30 December 2022, the Saudi firm said.

“The purpose of these facilities was to provide bonding commitments and fund the working capital and capex requirements of the company. 30% of the facilities are funded under Murabaha modes of financing, whereas 70% limits are for multi-purpose bonds,” Al Khodari said in a filing to the Saudi Stock Exchange (Tadawul).

It added that the Murabaha part of the loan will be settled at a certain percentage of the periodical collected amounts from the financed projects.

“The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects,” the company added.

Al Khodari’s stock closed Monday down 1.72% to SAR 8.58.

Al Khodari last reported a decline in losses to SAR 12.746 million ($3.47 million) in the first quarter of 2018 from SAR 17.767 million ($4.84 million) in the same period of 2017.