Bawan inks SAR 200 mln Islamic facility with Bank Albilad

10/01/2017 Argaam

Bawan Company (Bawan) has renewed a SAR 200 million shariah-compliant financing facility agreement with Bank Albilad, the company said in a statement to Saudi bourse, Tadawul.

 

The facility will extend from Jan. 9 to Feb. 9, 2017, and will be utilized for working capital needs. The facility will be repaid in over a period between six and 12 months.

 

The refinancing facility is guaranteed by a promissory note, in addition to the proceeds of contracts where advance payments exceed SAR 2 million.

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