Abdullah A. M. Al-Khodari Sons Company announces the renewal of Islamic Credit Facilities Agreement with Alawwal Bank.
| Element List | Explanation |
|---|---|
| Date of receiving Credit Facility | 2019-02-05 Corresponding to 1440-05-30 |
| Creditor | Alawwal Bank |
| Credit Facility value | SAR 345 million (Saudi Riyals three hundred forty-five million only) |
| Credit Facility duration | The credit agreement shall be due for renewal after one year; however, the credit limits will mature over the life of the prospective financed projects |
| Guarantees provided for credit facility | The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects. |
| Reason for Credit Facility | The purpose of these credit facilities is to provide bonding commitments and fund capital requirements and working capital needs for the company's general purposes and specific projects |
| Related Parties | There are no related parties. |
| Additional Information | - The modes of utilization are murabaha financing, multi bonds and documentary credit. These credit facilities are comprised of 61% Murabaha financing and 39% multi bonds. - The Murabaha facilities shall be settled at 45% of collected proceeds of the financed projects. |
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