Bawan Company announced signed an SAR 88.5 million Sharia-compliant facility agreement with Banque Saudi Fransi (BSF) to finance its subscription in Saudi Aramco’s initial public offering (IPO).
The company said in a bourse statement that the loan’s term is for 5 years including a grace period of one year.
The Saudi-based firm will provide the lender with a bond with the whole sum of the loan, in addition to pledging the shares subscribed to in Aramco.
The deal has no related parties, the statement added.
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