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1438/04/05 Tue Jan 3, 2017 15:18:13
Abdullah A. M. Al-Khodari Sons Company announces the renewal of Islamic credit facilities.
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Abdullah A. M. Al-Khodari Sons Company announces the signing of the renewal of existing Islamic credit facilities agreement with Al-Bilad Bank on 03/01/2017 in the amount of SAR 124,491,000 (one hundred twenty-four thousand four hundred ninety-one thousand Saudi Riyals).
The purpose of these facilities was to provide bonding commitments and fund the working capital and capex requirements of the company. 42% of the facilities are funded under Murabaha modes of financing, whereas 58% limits are for multi-purpose bonds.
The credit agreement shall expire on 11/10/2017 however the credit limits shall mature over the contractual lives of the financed projects which ranges between 24 to 36 months. The Murabaha facilities are to 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 Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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