Abdul Mohsen Al Hokair Group Company for Tourism and Development has signed an agreement with Saudi British Bank to reschedule Islamic financing facilities worth 89.02 million riyals ($24 million).
In a filing on Saudi Tadawul, the company said the rescheduling was made to suit its cash flow conditions.
Of the two Murabaha facilities that were rescheduled, one for 74.67 million riyals was rescheduled to five year’s with one year’s grace period, while the other, worth 14.35 million riyals was rescheduled to six years with one year’s grace period, from four and five years respectively earlier.
(Writing by Brinda Darasha; editing by Daniel Luiz)
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