AL-KHODARI RENEWS ISLAMIC CREDIT FACILITY AGREEMENT

Abdullah A. M. Al-Khodari Sons Company announces the signing of the renewal of existing Islamic credit agreement with National Commercial Bank (NCB) on 02/12/2013 amounting to SAR 443,966,779 (Only Four Hundred Forty Three Million Nine Hundred Sixty Six Thousand Seven Hundred Seventy Nine Riyals). 
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. The modes of utilization are murabaha financing, multi bonds and documentary credit. These credit facilities are comprised of 39% murabaha financing and 61% multi bonds and documentary credit.
The facilities are secured by promissory note and assignment of the contract proceeds of the financed projects. The agreement will expire on 30/09/2014; however, the credit limits will mature over the life of the prospective financed projects which ranges between 1 to 2 years. The repayment of the Murabaha facilities is on monthly basis ranging from SR 500,000 (Five Hundred Thousand) to SR 10,000,000 (Ten Million) per month.