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Halwani Bros. Co. signed today, Feb. 10, a SAR 140 million Shariah compliant financing agreement with Al Rajhi Bank, the company said in a bourse statement.
Under the agreement, Halwani will secure a medium-term, three-year financing of SAR 65 million, and a one-year renewable facility of SAR 75 million to finance working capital needs.
The revolving facilities, guaranteed by a promissory note of the total facility value, will be renewable every year from the agreement’s signing date.
The facilities will be used to restructure the existing facilities and reduce finance costs.
No related parties are related to the deal, the statement added.
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